April 15, 2024
Four Bands Announces Mortgage Lending for 2024
Four Bands Community Fund is pleased to announce the opening of our 2024 mortgage application season. This year, through a partnership with the U.S. Department of Agriculture (USDA), we plan on deploying approximately 15-20 USDA Section 502 mortgage loans.
The Section 502 loan product is designed to create a pathway to homeownership for low-income borrowers in rural areas. To qualify, households of one to four people can have a maximum annual income of $66,400. Households of five to eight people can have a maximum annual income of $87,650.
The Section 502 loan can be used to purchase an existing home or to build a new manufactured, modular, or stick-built home on fee simple or trust land. If applicants are interested in building a new home, it is recommended that they have land secured before starting the mortgage loan process. No down payment is required, but funds can only be used for a primary residence in Dewey or Ziebach County.
For more information on the Section 502 loan and other home lending options, visit https://fourbands.org/programs/for-consumers/consumer-loans/.
Those interested in starting their homeownership journey, should contact Kelli Laurenz at (605) 964-9338 or kelli@fourbands.org.