Saturday, July 20News That Matters

The FDA Isn’t Involved in Handing Out House Loans

There seems to be some confusion! The FDA, or Food and Drug Administration, is a government agency that regulates food, drugs, medical devices, and cosmetics. It has nothing to do with house loans home chief.us/.

House loans, also known as mortgages, are provided by banks and other lenders. There are various government-backed programs for rural homeownership, but these are managed by the U.S. Department of Agriculture (USDA) Rural Development department, not the FDA.

Here’s a breakdown of some potential loan options for rural homeownership:

  • USDA Guaranteed Loan Program: This program allows qualified borrowers in eligible rural areas to finance up to 100% of the purchase price with no down payment.

  • USDA Direct Loan Program: This program offers government-issued loans directly to low- and very-low income borrowers in eligible rural areas. These loans often come with lower interest rates.

If you’re interested in learning more about rural homeownership loans, the USDA Rural Development website is a great resource: https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans