Effective March 1, the interest rate on USDA Rural Development home loans has been reduced to 4.0 percent. Home prices are at the lowest level in years.
Rural Development housing programs help families and individuals in rural areas improve their economic security through affordable home loans and homebuyer education opportunities. In most cases Rural Development home loans may be made without a down payment. Depending on an applicant's income, monthly payments may be based on an interest rate as low as 1 percent. Loans are typically made for 33 years at a fixed interest rate. Monthly payment assistance may also be available for those who qualify.
Eligibility for assistance is based on family income and varies by county. Rural Development staff will help applicants calculate their adjusted family income and complete the application process. Rural Development also has very low-interest loans for home repairs related to health, safety and accessibility. Applicants must own their home. Those 62 years or older may qualify for a home repair grant in some cases.
To schedule an appointment contact Danonne Citro at USDA Service Center, 3210 Hoover Drive, West Plains, Mo., or by calling 417-256-7117,