ADVERTISEMENT

ADVERTISEMENT

USDA offers loans to help people buy, repair homes

Direct Home Loan program offers financing to qualified very-low and low-income applicants who are unable to qualify for traditional financing.

Globe News Brief jpg

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 who 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.

Contact Worthington’s USDA Rural Development Housing Specialist at 372-7783, ext. 4, for more information.

ADVERTISEMENT

What To Read Next
Parga and fellow SWIF staff will lead the foundation’s Grow Our Own framework, focused on helping southwest Minnesota kids and families reach their full potential from cradle to career.
The event will include viewing a live webinar hosted by the U.S. Department of State over Zoom, followed by a question and answer session with community members and Kivu Law staff.
Everyone is invited to bring in a photo of their pet, friend or partner, or a favorite card or memento, so that the library can make it part of a display.
Members Only
"We’re not the biggest, but we’re a big ship, you know — it is really hard to move it. But you can gradually, and with perseverance and good leadership, you can make those changes.”