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USDA offers funding for low-income individuals, families to buy or repair homes

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.

Home Repair
Home Repair
Stock Photo by Erik Mclean on Unsplash

WORTHINGTON — USDA Rural Development has funding availabile 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.

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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.

Time is limited to receive funds for the current fiscal year.

Contact USDA Rural Development in Worthington at 372-7783, ext. 4, to see if you qualify.

For more information, visit rd.usda.gov/mn.

Related Topics: HOUSING
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