amortized over 30 years. The interest rate is negotiated with the lender. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Applicants must be without adequate resources to obtain housing, or related facilities. The applicants must be unable to secure the necessary credit from other sources at prevailing terms and conditions for residential type financing; be a natural person (individual) who resides as a citizen in the United States or its Territories after having been legally admitted for permanent residence or on indefinite parole; have adequate and dependable available income to meet family living expenses, including taxes, insurance and maintenance, and repayments on debts including the proposed loan. For direct loans, applicants must be eligible for payment assistance and income may not 86 exceed the low-income limits set forth in RD Instructions. The income limits are according to the size of household as is established by the Department of Housing and Urban Development (HUD) for the county or MSA where the property is or will be located. For a guaranteed loan the applicant's income may not exceed the moderate income limit which is generally 115 percent of the median income for the area. Beneficiary Eligibility: Applicants and borrowers are the direct beneficiaries of the program and must meet applicant eligibility requirements. Credentials/Documentation: Applicants may need to submit evidence of
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