New USDA funding for buying, repairing rural homes

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

The Direct Home Loan Program helps those who are unable to qualify for traditional financing.

It’s available in rural communities of generally 35,000 people or less.

No down payment is required, and the interest rate could be as low as one percent with a subsidy.

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

The money can be used for home repairs and upgrades.

Homeowners 62-and-older can also get up to $10,000 to remove health and safety hazards.

USDA Rural Development’s Southern Area Director Chuck Phillips says that includes “accessibility-type items like lifts from the first floor to the second floor, ramps getting into the house, decking materials and putting in main-floor laundry.”

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

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