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Deemac,
Thanks for the reply. What is the difference?
The direct loan is for "low income" and may be subsidized. It is made directly through USDA.
The guaranteed loan is for "moderate income" and is made by regular lenders, but guaranteed by USDA in the same way that the government backs FHA and VA loans.
The purpose of both is to provide affordable housing in rural areas.
You can find the qualified areas and income limits on the USDA website.
Here is the PA home page:
http://www.rurdev.usda.gov/pa/
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.