A hometown newspaper with a local office, local owners & lots of local news
A hometown newspaper with a local office, local owners & lots of local news
USDA Rural Development is accepting applications for very-low- and low-income individuals and families seeking to purchase or repair homes in rural areas. The Direct Home Loan program offers financing to qualified very-low- and low-income applicants who are unable to qualify for traditional financing. No down payment is required, and the interest rate could be as low as 1 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 or under. The maximum loan amount is $40,000 at a 1-percent interest rate, repayable for a 20-year term, and the loan can be used to improve or modernize homes and for 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. Contact a USDA Rural Development housing specialist at 218-741-3937, ext 4, to see if you qualify. For more information, visit http://www.rd.usda.gov/mn.
