Texas USDA Rural Development has announced the implementation of an interest rate decrease for the Single Family Housing Direct Loan Program effective September 1, 2016. The new rate of 2.875% will be at an all-time low.
“USDA Rural Development is pleased to assist rural Texans in meeting their housing needs, a critical goal to the long term sustainability of our communities,” said Paco Valentin, USDA Rural Development State Director.
This program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. Rural Development programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
Further information on this program is available by visiting USDA's web site at http://www.rd.usda.gov/tx For local information, verification of area eligibility and application assistance, determine your local office by visiting http://www.rd.usda.gov/contact-us/state-offices/tx or call the Texas State Office at (254)742-9770.