Accessible USDA Funding Aids Low-Income Individuals and Families in Homeownership and Home Repair
USDA Rural Development is offering an excellent opportunity for very low- and low-income individuals and families residing in rural areas who are in need of financial assistance to purchase or repair a home.
The Direct Home Loan program aims to provide financing to qualified applicants who are unable to secure traditional financing due to their income level. This program eliminates the need for a down payment, and the interest rate can be as low as 1% with a subsidy. Eligible applicants must meet specific income and credit criteria while demonstrating their ability to repay the loan. The program is designed to support individuals and families residing in rural communities with a population of approximately 35,000 people or less.
Under the program, applicants can receive a maximum loan amount of $40,000 with an incredibly low 1% interest rate. The loan is repayable over a 20-year term and can be utilized for various purposes, including home improvement, modernization, and essential repairs. Additionally, the program offers grants of up to $10,000 exclusively available to homeowners aged 62 and above. These grants must be used to address health or safety hazards within the home, such as repairing a leaking roof, installing indoor plumbing, or replacing a faulty furnace.
It is important to act swiftly as time is limited to receive funds for the current fiscal year. To determine if you qualify for this incredible opportunity, reach out to a USDA Rural Development Housing Specialist located in your area today. They will provide the necessary guidance and support throughout the application process.
For those residing in Minnesota, the following USDA Rural Development office locations can be contacted:
- Willmar Office: Address: 1005 High Ave. NE, Willmar, MN 56201-2680 Phone: 320-235-5612 ext. 4
- Faribault Office: Address: 1810 30th St. NW, Suite 3, Faribault, MN 55021-1843 Phone: 507-332-7418 ext. 4
- Marshall Office: Address: 1424 E. College Drive, Suite 500, Marshall, MN 56258-2090 Phone: 507-537-1401 ext. 4
Reach out to the nearest office today and take the first step towards securing the funding you need to make your homeownership dreams a reality.