USDA loans still available due to Farm Bill - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

USDA loans still available due to Farm Bill

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JACKSON, MO (KFVS) -

The USDA says the city of Jackson will continue to remain eligible USDA Rural Development Housing programs under the revised rural definition included in the 2014 Farm Bill.

Rural Development (RD) provides financial assistance for home purchases and home repairs through their loan and grant programs.

Through Rural Development’s Direct Housing Loan Program, applicants may obtain 100 percent financing to purchase or build a home.

Also available is the 504 Home Repair Loan and Grant program, which assists very low-income homeowners with obtaining financing to make necessary repairs to their homes.

According to USDA, loans are made at an interest rate of 1% on a term up to 20 years in order to make the monthly payment affordable.

Grant funds may be available for those homeowners 62 years of age and older that meet income guidelines and are unable to show that they can repay a loan at 1 percent interest.

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