Section 502 May Return with Zero Down Payment Mortgages, 3.5% Guarantee Fee

The National Association of Realtors (NAR) announced Wednesday that legislation for the Section 502 single-family rural housing program under the Department of Agriculture is headed to President Obama's desk to be signed back into law.

The program allows 30-year originations primarily for low-income families to purchase households or renovate the ones they already own with no down payment at the time of application. Loans are guaranteed by the federal government.

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