New USDA Funding for the Purchase and Repair of Rural Homes

MANKATO, Minn. (KEYC) — New funding is available from the U.S. Department of Agriculture for low-income people looking to buy or repair rural homes.

The Direct Home Loans Program helps those who cannot qualify for traditional financing.

It is available in rural communities of 35,000 people or less.

No down payment is required and the interest rate can be as low as 1% with a grant.

The maximum loan amount is $40,000 at one percent, repayable over a 20-year term.

The money can be used for home repairs and improvements.

Homeowners 62 and older can also get up to $10,000 to eliminate health and safety risks.

USDA Rural Development South Zone Director Chuck Phillips explains that this includes “accessibility-type items such as elevators from the first floor to the second floor, house ramps, decking materials and the placement of the laundry on the ground floor”.

Applicants must meet income and credit requirements to receive funds.

Contact a USDA rural housing specialist in your area to see if you qualify:

USDA RURAL DEVELOPMENT

1810 30TH STREET NW, SUITE 3

FARIBAULT, MN 55021-1843

507-332-7418 ext 4

USDA RURAL DEVELOPMENT

1005 HIGH AVENUE NE

WILLMAR, MN 56201-2680

320-235-5612 ext. 4

USDA RURAL DEVELOPMENT

1424 E COLLEGE DRIVE, SUITE 500

MARSHALL MN 56258-2090

507-537-1401 ext 4

Comments are closed.