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USDA Funding Available to Help Low-Income Individuals and Families Buy or Repair Homes

Web posted January 12, 2021
USDA Rural Development has funding available for very low and low-income individuals and families seeking to purchase or repair a home in a rural area.

The Direct Home Loan program offers financing to qualified very low and low-income applicants that are unable to qualify for traditional financing. No down payment is required, and the interest rate could be as low as one percent with a subsidy. Applicants must meet income and credit guidelines and demonstrate repayment ability. The program is available in rural communities of generally 35,000 people or less.

The maximum loan amount is $20,000 at a one percent interest rate, repayable for a 20-year term and can be used to improve or modernize homes and do essential repairs. Grants of up to $7,500 are available to homeowners 62 and older and must be used to remove health or safety hazards, such as fixing a leaking roof, installing indoor plumbing, or replacing a furnace.

Time is limited to receive funds for the current fiscal year. Contact a USDA Rural Development Housing Specialist in your area today, to see if you qualify. A list of area offices and phone numbers can be found here: www.rd.usda.gov/files/MNSFHContacts.pdf

USDA Rural Development loans and grants provide assistance that supports infrastructure improvements; business development; housing; community services such as schools, public safety and health care; and highspeed internet access in rural areas. For more information, visit www.rd.usda.gov/mn.

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