|(10/5/11) HOUSING FUNDING AVAILABLE FOR NORTHERN TIER HOMEBUYERS|
|HARRISBURG, Oct 05, 2011
@@Housing Funding Available for Northern Tier Homebuyers
Harrisburg, Oct. 5, 2011 – Rural Development, a mission area of the US Department of Agriculture, offers a number of housing assistance programs available to income eligible families and individuals in the northern tier region. If you are a Tropical Storm Lee flood victim, first contact FEMA at 1-800-621-3362 and register for disaster assistance at: http://www.disasterassistance.gov/.
USDA Rural Development’s Section 502 Guaranteed Loan program currently has adequate, available funding to assist eligible low and moderate income applicants in eligible areas to purchase new or existing houses by guaranteeing their loan made by conventional lenders. Loans may be made for up to 100% of the appraised value of the property plus a one-time guaranteed fee of 2% of the loan amount and .3% of the average annual balance that is charged to the lender. No mortgage insurance is required. In Fiscal Year 2011, USDA Rural Development – Pennsylvania guaranteed over $556 million in housing loans.
A 504 loan to those income eligible and a 504 Grant to seniors age 62 and older (or a combination) assist very-low income and other income eligible rural homeowners to make vital repairs. The 504 Loan and Grant Programs allow income eligible rural homeowners with very low incomes to repair or improve a home, making it safe and sanitary by removing health and safety hazards, installing energy efficient windows/doors and heating/cooling systems.
The 502 direct program offers home loans to lower income individuals who are unable to obtain credit elsewhere, with interest rates as low as 1 percent, no private mortgage insurance and no down payment.
Income limit examples for all three programs in your area are listed below:
“Homeownership is a major part of the foundation for stronger, more prosperous rural areas,” said Tom Williams, Pennsylvania Rural Development State Director. “Rural residents continue to achieve the dream of homeownership through programs like these.”
USDA Rural Development serves as the lead federal agency for rural development needs by offering financial and technical assistance to individuals, businesses and communities. USDA Rural Development programs include funding for day care centers, fire trucks and other community facility projects; the purchase, construction or repair of homes; loans and guarantees to rural businesses to save or create jobs and renewable energy; and loans and grants for water and sewer utility projects. For more information on programs offered by USDA Rural Development, contact the Tunkhannock Office at (570) 836-5111 x4, the Montoursville Office at (570) 433-3006 x4 or visit the web site at www.rurdev.usda.gov/pa.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).