USDA Rural Development: Home loan program can be a great deal for rural home buyers
CONTACT: Janet Fox Phone: 715-524-8522 ext 106
Debbie Laehn Phone: 715-524-8522 ext 128
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SHAWANO, WI – May 17, 2012 - - - With an abundance of homes for sale in most of the country, buyers continue to have plenty of choices and lots of bargaining power. Unfortunately, for many, being able to take advantage of the current housing market and purchase a home can be difficult. The down economy continues to make it hard for individuals and families to save for a down payment, extinguishing dreams of homeownership.
With the help of the U.S. Department of Agriculture (USDA) Rural Development’s No Down Payment Direct Home Loan program, those dreams of homeownership may still come true.
USDA Rural Development’s Rural Housing Direct Home Loan Program offers 100 percent financing with no down payment required for low income individuals or families at a 3.25 percent interest rate. These loans are made directly through USDA Rural Development and are offered for a period of 30-38 years. The repayment on the loan may be subsidized by the Federal Government, based on the household income. Direct loans may be made for the purchase of an existing home or new home construction.
The amount loaned is determined on repayment ability of the borrower. The number of dependents and buyer’s income are also factors in the loan package. Loans made under this program are to families with income 80% below the median income level of the county where they live and who would not otherwise qualify for a conventional loan. Median income is calculated and some expenses are taken into consideration. County Income limits for the programs are posted on the USDA Rural Development Wisconsin website at, http://www.rurdev.usda.gov/wi/programs/rhs/ and clicking on Income and Property Eligibility on the right hand side of the screen.
USDA Rural Development’s Rural Housing Programs offer a broad range of homeownership assistance available 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.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life in rural communities. Further information on USDA Rural Development and programs offered or for your FREE pre-qualification, call your Shawano USDA Rural Development Office at 715-524-8522 ext 4 or by visiting our website at www.rurdev.usda.gov/wi. USDA Rural Development is an equal opportunity provider, employer and lender.