USDA Rural Development currently has $10 million available for loans to purchase or refinance homes in rural Iowa through its Direct Home Loan Program. The program offers 100 percent financing, a 33-year loan term and payment assistance for eligible applicants. This funding will remain on a first come first served basis through September 30, 2015.
“Each year USDA Rural Development invests more than $200 million in loans and grants that provide rural Iowa residents with decent, safe and sanitary housing,” said Bill Menner, USDA Rural Development State Director in Iowa. “It’s through housing programs like this one that we work to ensure that as many rural Iowans as possible have access to adequate housing.”
Recently a rural Iowa family of seven was living in a rental property that was not suitable for occupancy. They made an offer on a home that was move-in ready. USDA Rural Development received their purchase agreement on March 19. Their loan closed and the family moved into their new home just 19 days later on April 7. The family is ecstatic with their improved living conditions, and their house payment is $80 less than what they were paying for rent.
USDA Rural Development also has a loan and grant program to help eligible homeowners make essential repairs such as a new furnace, roof, siding, or accessibility improvements, Homes repaired with these funds must be located in communities of less than 20,000 people or in rural areas.
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
USDA Rural Development is working with rural communities to create jobs, expand opportunity, encourage innovation and build a strong foundation for the future. The agency currently administers and manages more than 40 housing, business and community infrastructure and facility loan and grant programs designed to improve the economic stability of rural communities, businesses, residents and farmers and improve the quality of life in rural America.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values.