Brief: Home, repair loans and grants availableWORTHINGTON — Low income families and residents of southwest Minnesota are eligible for a homeownership loan through the U.S. Department of Agriculture’s Rural Development program.
WORTHINGTON — Low income families and residents of southwest Minnesota are eligible for a homeownership loan through the U.S. Department of Agriculture’s Rural Development program.
Applicants may purchase a new home, existing home or build a new home. Payments are based on household income and loans are made with a subsidy provision to make payments affordable.
To qualify, applicants must meet Rural Development’s income limits, have adequate and dependable income, have an acceptable credit history, be unable to obtain sufficient credit from other sources and show repayment ability.
Funding is also available for very low income families for home improvements, home repairs and to remove health or safety hazards. The maximum loan is $20,000 for up to 20 years at 1 percent interest.
Grants are available for those age 62 and older to remove health and safety hazards or remodel the dwelling to make it accessible to household members with disabilities. The maximum grant amount is $7,500.
For more information, contact USDA Rural Development at 372-7783, ext. 4, or visit www.rurdev.usda.gov/mn/.