BUY, BUILD OR REFINANCE A HOME
Is It Your Dream To Own A Home In A Rural Area? Do You Need To Have Your Rural Home Repaired? USDA Rural Development May Be Able To Help When Conventional Lenders Can't.
100% Affordable Fixed Rate Financing
No Prepayment Penalties
No Down Payment
ASSISTANCE IS AVAILABLE TO APPLICANTS IN RURAL AREAS
The Home Ownership Program Offers:
Closing Costs and Repairs May Be Included
No Private Mortgage Insurance (PMI)
504 LOANS AND GRANTS
Rural Development Home Improvement Loans and Grants
For families and individuals with very low incomes, Rural Development makes loans for repairs, to improve or modernize a home, make it safer or more sanitary or to remove health hazards. For seniors 62 and older who cannot afford a loan, grant funds may be available for these repairs.
Uses for 504 Loans
The most common types of repairs financed by the Section 504 program include fixing or replacing roofs, modernizing heating and wiring systems, and making houses accessible to people with disabilities. You may also apply for funds to install insulation and storm windows, put in a septic system, and install or repair a bathroom.
Borrowing Limits for 504 Loans
The maximum amount you can borrow under the Section 504 Home Repair Loan program is $20,000. The interest rate for these loans are 1 percent and is limited to very-low income, rural residents whose incomes fall below the very-low income for the family size and county.
Grants may be used only to remove health or safety hazards or to remove dwellings to make them accessible to household members with disabilities. This grant is available to very low-income homeowners, 62 years old and older, who cannot afford to borrow the full amount required to make the necessary repairs. Grants are limited to $7,500.