USDA Rural Development has home loan and home repair funds
Web posted February 5, 2019
USDA Rural Development has funding availabile for very lowand low-income individuals and families seeking to purchase or repair a home in a rural area.
USDA’s 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. Generally, rural areas with a population less than 35,000 are eligible.
The maximum loan amount for repair is $20,000 at a one percent interest rate, repayable for up to 20 years. 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.
Contact a USDA Rural Development employee today in your area to see if you qualify. For more information please contact USDA Rural Development at 7118 Clearwater Road, Baxter, MN 56425 or 218-829-5965 x 4. You can also visit USDA’s website at www.rd.usda.gov/mn.
Northland Press | P.O. Box 145 | Outing, MN 56662 | (218) 692-5842