|
|
NEWS RELEASE 1303
SW First American Place, Suite 100, Topeka,
KS 66604-4040 |
FOR IMMEDIATE RELEASE – January 14, 2005
Contact - Harold Alford (785) 271-2701
Housing
Program Applicants Sought
By USDA Rural Development
Topeka, KS. – USDA Rural Development State Director Chuck Banks announced today the Agency has new funding available for USDA Rural Development’s Single Family Housing 502 Direct Loan Program and Single Family Housing 504 Direct Repair Loan Program.
“Over $10 million of new Fiscal Year 2005 funding is available for applicants interested in purchasing their own home or repairing their existing residence,” commented State Director Banks. “The Agency is strongly committed to improving homeownership opportunities across rural Kansas. Improving the availability of affordable housing supports economic development for and enhances the quality of life of rural Kansans”.
USDA Rural Development’s 502 Direct Loan Program is for qualified applicants to purchase new or existing housing in rural areas. No down payment is required. The Agency does not charge any points and does not require mortgage insurance. Most loans qualify for payment assistance, which reduces the monthly mortgage payment for the family. A portion of this assistance may be recouped at the time of sale or refinancing if the house has increased in value.
To qualify for USDA Rural Development’s 502 Direct Loan Program, applicants must have a household income less than 80% of the county median, have acceptable credit history and have sufficient income to make the house payment. Applicants cannot have liquid assets in excess of $7,500 or the ability to obtain the loan from a conventional bank. The home purchased must be modest, in good repair, and located in an eligible rural area, which includes most towns of population up to 20,000.
USDA Rural Development’s 504 Direct Repair Loan Program is to help very-low income applicants remove health and safety hazards or repair their homes. The interest rate for the loan is 1%. Applicants must own and occupy the property they want to repair, have acceptable credit history and have sufficient income to pay back the loan.
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. Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development and critical community and technology infrastructure. For additional information regarding USDA Rural Development programs, individuals may call 785-271-2702 for the location of the office that serves your area or log onto the Agency’s website at: www.rurdev.usda.gov/ks. USDA Rural Development is an Equal Opportunity Lender, Provider, and Employer.
USDA Rural Development – Committed to the future of rural communities.
- end -