Des Moines, Iowa, Jul 29, 2014 -- USDA Rural Development, through its Direct Home Loan Program, is temporarily accepting applications to refinance home loans in eligible rural areas.
With this temporary program change eligible households that will be experiencing an increase in interest rate or change in repayment terms for adjustable rate loans, interest only loans, short-term rate locks, or other forms of specialty lending, may be eligible to refinance their existing mortgage through the USDA Rural Development Direct Home Loan Program.
The USDA program offers 33 or 38 year terms, with a fixed interest rate currently at 3.625 percent (subject to change prior to closing).
Potential applicants are strongly encouraged to contact USDA Rural Development no later than September 1st to allow for adequate processing time prior to the end of the federal government’s current fiscal year on September 30, 2014.
Questions regarding USDA Rural Development’s Direct Home Loan Program can be directed by email to: DirectIA@ia.usda.gov; phone (515) 284-4444; fax (855) 415-3562; or USDA Rural Development, 210 Walnut Street, Room 873, Des Moines, Iowa 50309.
USDA Rural Development’s Direct Home Loan Program, which helps low-income households in rural Iowa make home purchases with no down payments, has $11 million in funding available to assist rural Iowans. To be eligible for the program, homes must be located in rural areas which are typically defined as communities of less than 20,000 residents.
“The demand for USDA direct home loan funding has historically been strong in Iowa and nationally,” said Bill Menner, USDA Rural Development State Director in Iowa. “This temporary change in program eligibility has the potential to help many rural Iowans as they continue to strive for successful homeownership.”
Contact USDA Rural Development
For more information about USDA Rural Development please call (515) 284-4663 or visit www.rurdev.usda.gov/ia.
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.
This past year USDA Rural Development’s investment in Iowa helped create or retain more than 1,000 jobs, aided 2,600 families in buying their own homes and assisted more than 60 communities as they made improvements to their facilities, services and infrastructure.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities.
USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values.
USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
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