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USDA Offers Loans to Repair or Purchase Homes in Rural Michigan Communities

Name
Alec Lloyd
City
East Lansing
Release Date

The U.S. Dept. of Agriculture Rural Development is currently accepting loan applications from very low income families to purchase or repair homes in rural Michigan communities

The repair funds are available through the Section 504 Home Repair Loan Program. Loans may be up to $20,000, carry an interest rate of 1 percent and can be used to for repairs, improvements, weatherization, and to make a home accessible for persons with a disability.

Home purchases are supported through the Section 502 Direct Loan Program.  Loans may be made for up to 100 percent of the appraised value of the home. The USDA Rural Development loan may be subsidized based on financial need in order to show repayment capacity. The repayment period of the loan is typically 33 years.

Applicants must have an acceptable credit history, meet income guidelines, have repayment ability to service the new loan and any existing obligations, be a United States citizen or legally admitted for permanent residence, and own and personally occupy the home on a permanent basis.

Both programs are restricted to homes in rural areas.

To learn more, contact the USDA Rural Development Mason Office at 517-676-4644 Ext. 4 or visit www.rd.usda.gov/mi.