Today, U.S. Department of Agriculture Rural Development announced that federal funding is still available through its Single Family Housing Direct Loan program for eligible low-income rural residents who wish to purchase or build a home. No down payment is required.
“The Single Family Housing Direct Loan program helps improve quality of life in rural North Carolina serving low-income families, the elderly, and persons with disabilities,” said Mel Ellis, Acting State Director.
The Single Family Housing Direct program offers 100 percent, fixed rate financing with a 33-year term. Many loans also qualify for payment assistance (subsidy), which can drop the effective loan rate to as low, as one percent, often resulting in a monthly payment lower than the average rent expense for a borrower. Applicants must have a stable source of income, an acceptable credit history and be able to demonstrate repayment ability.
USDA also offers a Single Family Housing Repair Loan and Grant program to eligible, very-low income owners who need to repair their existing home. This is a one percent fixed rate loan with a maximum term of 20 years. The grant program can help elderly (62 or older), very-low income homeowners offset the cost of removing health and safety hazards.
For information about the Single Family Housing Direct programs in North Carolina, contact your local office at:
ASHEVILLE AREA OFFICE
84 Coxe Avenue, Suite 1E
Asheville, NC 28801
828-254-0916
SHELBY AREA OFFICE
844 Wallace Grove Road
Shelby, NC 28150
704-471-0235
LUMBERTON AREA OFFICE
PO Box 7426
440-C Caton Road
Lumberton, NC 28360
910-739-3349
ASHEBORO AREA OFFICE
847 Curry Drive, Suite 104
Asheboro, NC 27205
336-629-4449
HENDERSON AREA OFFICE
853 S. Beckford Drive, Suite A
Henderson, NC 27536
252-438-3134
KINSTON AREA OFFICE
2044-C Hwy 11/55 South
Kinston, NC 28501-0189
252-526-9799