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Guaranteed loans will be made only to applicants with moderate income, defined by FmHA as adjusted gross income of less than $15,600 per year for residents of Virginia, and not eligible for subsidized rural housing loans. Lowincome applicants may be eligible for subsidized rural housing loans made by FmHA.
Single-family housing loans are made in open country, towns of up to 10,000 population, and certain designated towns of between 10,000 to 20,000 population. They finance modest but adequate housing and related facilities, Trew explains.
LOANS may be used to buy, build, improve, repair or rehabilitate houses and related facilities, and to provide adequate water and waste disposal systems.
Loans to be guaranteed are limited to 97 percent of the market value of homes and sites for the first $25,000 and 95 percent
97.7%