USDA Rural Development needs your assistance helping 100 low income and working class families purchase a home or make home repairs by October 1. USDA currently has single family direct loan funding and housing repair loan funding available.
USDA Rural Development State Director Ted Brady has set a goal of making 100 new single family direct housing loans and housing repair loans before the end of the fiscal year. Loan specialists and technicians are working extended hours in an effort to expedite loan obligations before the end of the federal fiscal year.
The direct loan program is ideal for low income families – with annual income below approximately $60,000* – considering a home purchase. The direct loan program has many advantages:
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No down payment required
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No private mortgage insurance
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No first-time homebuyer requirement
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Low fixed interest rate of 3.25 percent
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Subsidized interest rate of 1 percent for very low income families
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33 year term (38 for very low income applicants)
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Direct underwriting with a professional and motivated USDA staff member
Home owners with income below 50 percent of the median area household income – approximately $35,000* – may be eligible for a 20 year, 1 percent, fixed-interest rate repair loan to fix foundations, wells, septic tanks, roofs, HVAC systems, energy efficiency repairs, renewable energy installations, electrical work, and much more.
Please contact the USDA Rural Development Area Office near you for further information or an application package. Visit http://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans or contact one of the following staff members.
In New Hampshire
Coos, Grafton and Carroll Counties Contact: Theresa Zowasky (603) 447-3318 x200
Central and Southern New Hampshire Contact: Roseanna Woodin (603) 223-6035
In Vermont
Addison, Chittenden, Franklin, Grand Isle, Lamoille, Washington Counties Contact: Karen Anthony (802) 828-6005
Caledonia, Essex, Orange, Orleans Counties Contact: Alexander Gauthier (802) 748-8746 x112
Bennington, Rutland, Windham, and Windsor Counties Contact: Rosemary Saunders (802) 257-7878 x108
*Income eligibility varies depending on the county and family size. Values assume eligibility for a family of four. For more information visit rd.usda.gov.