If you are in need of essential repairs to your home and wonder how to obtain affordable financing, USDA Rural Development may be able to assist with a low interest loan.
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“We currently have adequate funds for the home repair loan program, so now is a great time to use this opportunity to improve your home,” said Amber D Barnes, area specialist in the Saint Joseph office.
To qualify for the program, applicants must own and occupy the home, the home must be in an eligible rural area, and the total household income cannot exceed the “very low” income guidelines established for each county and household size.
This program may be used to remove health and safety hazards such as repairing roofs, heating and air conditioning, electrical, plumbing, water/sewer systems, windows, and insulation, or to make a home handicap accessible. It can also be used to improve or modernize a home.
All loans are at a fixed 1% interest rate for up to 20 years. This low interest rate enables the borrower to have a reasonable monthly payment that they can afford even with their very low income. For example, a $5,000 loan at 1% interest for 20 years would have a monthly payment of $23.00 per month. There is no penalty for early payment if the borrower wishes to pay extra or pay off early.
Further information on additional programs is available by visiting the USDA Missouri Rural Development website at http://www.rd.usda.gov/mo. Interested parties may also contact the Saint Joseph Office at (816) 364-3927, Ext 4.
The Single Family Housing 504 Repair Loan and Grant Program provides loans to very-low-income homeowners to repair, improve or modernize their homes, or to remove health and safety hazards.