Representatives from USDA Rural Development will be available to discuss housing programs with interested applicants on June 20, 2017, from 1:30 p.m.– 3:30 p.m. at the USDA Service Center at 801 W. Fairwinds Street, Suite 1B, Halletsville, Texas. Rural Development staff will also have information regarding assistance for local businesses, public and non-for-profit organizations.
Rural Development offers the opportunity to purchase homes through the 502 Direct and Guaranteed Loan programs. These programs offer attractive terms and conditions for qualified applicants. Typically there is no down payment, no mortgage insurance, plus loans with terms of between 30 – 38 years. The 502 Direct Home Loan has affordable financing for very low and low applicants. Payments are based on the repayment ability of the applicant and the maximum loan amount of the applicant’s county. Eligible applicants can also qualify for payment assistance that can help reduce the cost of the interest to as low as 1%. The Guaranteed 502 Home loan offers financing to moderate income applicants as well. There is no maximum loan amount and funds are limited only by the repayment ability of the applicant. These loans utilize conventional mortgage lenders who can obtain a 90% guarantee from Rural Development.
Very low income home owners who own and occupy their home may qualify for a 504 Home Repair Loan. These loans can be as high as $20,000 at 1% interest for 20 years. Loans of $7,500 - $20,000 will require a new property lien. However, applicants who are 62 or older may qualify for grant funds up to $7,500. Grants are available only to alleviate health/safety issues or add accessibility features for handicapped individuals.
Texas USDA Rural Development is committed to utilizing our resources to help enhance the quality of life for all Texas rural residents. For more information on all our programs, please contact the Edna Area Office at (361) 782-7151, Ext. 4.