Rural Housing

A mortgage loan secured by a principal residence that is a single family, moderate-priced residential dwelling located in a rural area having a population of 2,500 or fewer inhabitants may be eligible for purchase or credit enhancement by Farmer Mac. To qualify, the dwelling (excluding the land to which the dwelling is affixed) must not have a purchase price or current appraised value of more than $247,184 (as adjusted for inflation as of December 1, 2007). In addition to the dwelling itself, the loan can be secured by land associated with the dwelling having an appraised value of no more than 50 percent of the total appraised value of the combined property.