Syracuse, NY, Feb 10, 2012 -- USDA Rural Development is seeking applications for the Single Family Housing Direct Loan Program. The program assists low income rural New Yorkers obtain financing to purchase a home. Loans funds can be used to acquire, build, repair or renovate a home.
With the direct loan program, there is no down payment required and 100 percent loan to value financing. Maximum loan amounts vary by county and applicants may be eligible for payment assistance, which could subsidize the interest portion of the house payment, lowering the overall monthly payment amount. Applicant's eligibility requirements include good credit history, adequate and dependable income and repayment ability for the loan. Currently, the agency has ample funding for applicants at or below 50 percent of the area's median income.
In 2011, USDA Rural Development in New York provided more than $22.8 million in financing for rural New York homeowners through the Single Family Housing Direct Loan Program. If interested in applying for a home loan, please contact a USDA Rural Development State Office near you: Batavia (585-343-9167, ext. 2200), Bath (607-776-7398, ext. 4), Canandaigua ((585) 394-0525, ext. 4), Canton ((315) 386-2401, ext. 4), Cortland ((607) 753-0851, ext. 4), Greenwich ((518) 692-9940, ext. 4), Schoharie ((518) 295-8600, ext. 4), Marcy ((315) 736-3316, ext. 4), Middletown ((845) 343-1872, ext. 4), Watertown ((315) 782-7289, ext. 4).
USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. Further information on rural programs is available by visiting Rural Development’s web site at http://www.rurdev.usda.gov/ny.