New, higher loan and purchase price limits for applicants seeking Single Family Home (SFH) direct loans through USDA Rural Development will be available to program participants effective Monday, June 15, 2015.
The SFH direct loan program helps provide safe, well-built, affordable homes for Rural American families and individuals. Funds through this program may be used to buy, build, improve, repair or rehabilitate the applicant’s primary residence for dwellings with up to 1,800 square feet living area.
“This program offers 100% financing for qualified homebuyers with annual income at or below 80 percent of the Area median” said Barry Ramsey, IL Rural Development Housing Program Director. “We’re pleased that increased loan amounts are available to strengthen families and individuals and their homeownership opportunities.”
The increased limits include: $150,000 in Johnson, Massac, Saline, and Union counties; $155,000 in Clay, Edwards, Lawrence, Richland, Wabash, and Wayne counties; $160,000 in Franklin, Hamilton, Jefferson, Marion and White counties; and $170,000 in Bond, Clinton, Jackson, Madison, Monroe, Perry, Randolph, St. Clair, Washington, and Williamson counties. The full list can be accessed at http://www.rd.usda.gov/files/IL2015AreaLoanLimitsSFHD.pdf.
For more information about this or any other Rural Development program, please contact the Marion office at 618.993.5396 x4, the Mt. Vernon office at 618.244.0773 x4 or the State Office at 217.403.6202.
President Obama’s historic investments in rural America have made our rural communities stronger. Under his 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.