USDA Rural Development is now accepting applications for low- and very 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, a release said.
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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 $40,000 at a 1% interest rate, repayable for a 20-year term and can be used to improve or modernize homes and do essential repairs, the release said.
Grants of up to $10,000 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. Those interested can contact a USDA Rural Development Housing Specialist to see if they qualify at (218) 751-1942.
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
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