Funding available...

Financing

This was an article that was in the Aitkin Independence Age this week. We wanted to share with you!

"Funding available to help buy or fix houses for those qualified. 

USDA Rural Development has funding available for very low- and low-income individuals and families seeking to purchase or repair a home in a rural area. 

USDA's Direct Home Loan Program offers financing to qualified very-low and low-income applicants that are unable to qualify for traditions financing. No down payment is required and the interest rate could be as low as one percent with a subsidy. Applicants must meet income and credit guidelines and demonstrate repayment ability. The program is available in rural communities of 20,000 people or less. 

Data shows that Rural Development's home loan programs increase economic development and job creation in rural communities. For example, according to the National Association of Realtors, the sale of an existing median-priced home generates more than $58,000 in economic activity. This includes direct real estate industry supports, home furnishings, appliances and landscaping and other economic activity. 

The maximum loan amount for repair is $20,000 at a one percent interest rate, repayable for up to 20 years. Grants of up to $7,500 are available to homeowners 62 and older and must be used to remove health and safety hazards, such as fixing a leaking roof, installing indoor plumbing or replacing a furnace. 

Time is limited to receive these funds. Qualified applicants have until the end of September 2017 to apply. Contact a USDA Rural Development employee today in your area to see if you qualify. 

For more information in the following counties: Aitkin, Cass, Crow Wing, and Morrison Counties; please contact USDA Rurual Development at 7118 Clearwater Road, Baxter, MN 56425 or 218-829-5965 ext.4. You can also visit the USDA's website at www.rd.usda.gov/mn"