United States Department of Agriculture Rural Development has funding available for very low-and low-income individuals and families seeking to purchase or repair a home in a rural area.
USDA Rural Development’s Rural Housing Programs offer a broad range of homeownership assistance to individuals and families who wish to, or currently, live in rural areas, cities and communities. The Rural Housing Program area of USDA Rural Development has the ultimate goal of providing affordable homeownership opportunities to Wisconsin residents.
USDA’s Direct Home Loan Program offers financing to qualified very low and low-income applicants that are unable to qualify for traditional financing. No down payment is required and the interest rate could be as low as 1 percent with a subsidy. Applicants must meet income and credit guidelines and demonstrate repayment ability. The program is available in rural communities of 20,000 people or less.
“Safe, affordable housing and the availability of credit are key to the growth and prosperity of rural communities,” said Dave Schwobe, acting state director for USDA RD. “USDA Rural Housing Programs have provided stability and opportunity for over 60 years and we value what we have accomplished.”
The maximum loan amount for repair is $20,000 at 1 percent interest rate, repayable for up to 20 years. Grants of up to $7,500 are available to homeowners 62 and older and must be used to remove health or safety hazards, such as fixing a leaking roof, installing indoor plumbing or replacing a furnace.
Visit eligibility/sc.egov.usda.gov/eligibility/welcomeAction.do to determine if you are within the established income limit based on household size and county and if the home you wish to purchase or repair is located within an eligible area.
For more information, call 715-345-7611 or visit rd.usda.gov/wi.