WORTHINGTON — USDA Rural Development is accepting applications 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 1% 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 $20,000 at a 1% 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 $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.
People interested in learning if they qualify may call the Worthington office at 372-7783, 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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January 10, 2021 at 01:00AM
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