USDA Rural Development has funding availabile 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 $40,000 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 $10,000 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.
Contact the USDA office in Marshall at: USDA Rural Development;
1424 E. College Drive, Suite 500; Marshall, MN 56258-2090 / Call 507-537-1401 ext. 4
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 high-speed internet access in rural areas.
For more information, visit www.rd.usda.gov/mn.
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