USDA Rural Development: Announces availability of homeownership opportunities

CONTACT: Julie Felhofer Phone: 715-524-8522 x 4 E-mail: rd.shawano@wi.usda.gov

SHAWANO, WI – MAY 14, 2010 – – – – – The United States Department of Agriculture (USDA) Rural Development Wisconsin State Director, Stan Gruszynski, announced the availability of funds for Homeownership Loans and Home Improvement financing to rural Wisconsin residents today.

“Owning your own home is part of the American Dream and in rural areas financing a home can be difficult, but USDA Rural Development is here to help,” said Gruszynski. “By opening the doors to more homeownership opportunities we are helping to improve the quality of life for our citizens and our rural communities.”

USDA Rural Development’s Rural Housing Programs offer a broad range of homeownership assistance to individuals and families who wish to or currently live in rural areas, cities, and communities. The Rural Housing Program area of USDA Rural Development has the ultimate goal of providing affordable homeownership opportunities to Wisconsin residents.

Direct Single Family Housing Loans are available at 100 percent financing with no down payment for lower income households. These loans are made directly through USDA Rural Development for a period of 30-38 years at an interest rate of 4.875 percent. A portion of the interest payment on the loan may be subsidized by the Federal Government, based on household income. Direct Home Loans may be made for the purchase of an existing home or new home construction.

In addition, USDA Rural Development offers a Home Repair loan. Loans can be made for health and safety hazards, as well as improving and modernizing a home. These loans are at a one percent interest for a maximum term of 20 years. The loan amount depends on required income guidelines and the ability to make a monthly payment.

Grants may be available to those age 62 years or older for accessibility improvements and addressing health and safety hazards.

For further information on Rural Development programs, please contact your local USDA Rural Development Office at 715-524-8522 ext 4 or by visiting the website at http://www.rurdev.usda.gov/wi. USDA Rural Development is an equal opportunity provider, employer and lender.