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USDA Home Loan Program Can Be a Great Deal for Rural Home Buyers

Tammi Schone
Release Date
Dec 02, 2014

With an abundance of homes for sale in most of the country, buyers continue to have plenty of choices and lots of bargaining power.  With the help of the U.S. Department of Agriculture (USDA) Rural Development’s No Down Payment home loan programs, those dreams of homeownership may still come true.

Elsie Meeks, State Director, announced today the availability of funds for Homeownership Loans to South Dakota residents.
“There are many people throughout South Dakota for whom homeownership remains a challenge.  USDA Rural Development can help,” said Meeks. “Rural Development offers homeownership opportunities and we are helping to improve the quality of life for South Dakota residents while assisting the growth of rural communities.”
USDA Rural Development’s Rural Housing Direct Home Loan Program offers 100 percent financing with no down payment required for low and lower income individuals or families at a 3.75 percent interest rate. These loans are made directly through USDA Rural Development and are offered for a period of 30-38 years. The repayment on the loan may be subsidized by the Federal Government, based on the household income. Direct loans may be made for the purchase of an existing home or new home construction.

The loan amount is determined by repayment ability of the borrower. Loans made under this program are to individuals and families with income that does not exceed 80 percent of the median income level of the county where they live and who would not otherwise qualify for a conventional loan. County Income limits for the programs are posted on the USDA Rural Development website at www.rurdev.usda.gov and clicking on “Income and Housing Eligibility” on the right hand side of the screen.

USDA Rural Development’s Rural Housing Programs offer a broad range of homeownership assistance available to individuals and families who wish to or currently live in rural areas, cities, and communities. The Rural Housing Program area of USDA Rural Development has the ultimate goal of providing affordable homeownership opportunities to South Dakota residents.

For further information on this program, please contact one of the following Housing Specialists:

Aberdeen Area Office - Roxanne Woodring, roxanne.woodring@sd.usda.gov, or 605-226-3360, Ext. 4, servicing Beadle, Brown, Campbell, Day, Edmunds, Faulk, Marshall, McPherson, Roberts, Spink, and Walworth.

Mitchell Area Office - April Norton, april.norton@sd.usda.gov, or 605-996-1564, Ext. 4, servicing Aurora, Bon Homme, Charles Mix, Clay, Davison, Douglas, Hanson, Hutchinson, Jerauld, McCook, Sanborn, Turner, Union, and Yankton.

Pierre Area Office - Paula Corcoran, paula.corcoran@sd.usda.gov, or 605-224-8870, Ext. 4, serving Brule, Buffalo, Corson, Dewey, Gregory, Hand, Hughes, Hyde, Jones, Lyman, Mellette, Potter, Stanley, Sully, Todd, Tripp,  and Ziebach.

Rapid City Area Office - Ruth O’Neill, ruth.oneill@sd.usda.gov, or 605-342-0301, Ext. 4, serving Bennett, Butte, Custer, Fall River, Haakon, Harding, Jackson, Lawrence, Meade, Pennington, Perkins and Shannon.

Watertown Area Office - Diane Byer, diane.byer@sd.usda.gov, or 605-886-8202, Ext. 4, serving Brookings, Clark, Codington, Deuel, Grant, Hamlin, Lake, Lincoln, Kingsbury, Miner, Minnehaha, and Moody.