USDA funding available to help low-income individuals and families

WORTHINGTON — USDA Rural Development has funding available 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 one percent 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 one percent 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 the following USDA Rural Development Housing Specialist in your area today, to see if you qualify.

USDA RURAL DEVELOPMENT

1567 MCMILLAN STREET, SUITE 2

WORTHINGTON, MN 56187-2801

507-372-7783 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.