Making home ownership loans will be the theme of the Chillicothe office of USDA Rural Development when it celebrates National Home Ownership Week the week of June 4.
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Making home ownership loans will be the theme of the Chillicothe office of USDA Rural Development when it celebrates National Home Ownership Week the week of June 4.
Home ownership has long been recognized as a key component of a successful U.S. economy. Home ownership strengthens the economy, helps build communities, and for individuals, represents a powerful tool for building economic stability and self-esteem.
Rural Development has two major home ownership loan programs. The programs are direct and guaranteed Rural Development Home ownership loans.
The direct loan is a 33-year, fixed-rate loan, with no down payment requirement. To qualify applicants mut be low income, have good credit, and be in need of permanent housing. The house must pass Rural Development guidelines which in general include meeting thermal and structural requirements. The interest rate on the loan, at the present, is 6 7/8 percent. Payments are subsidized, based on income.