NEWS RELEASE

United States Department of Agriculture • Rural Development

1221 College Park Drive, Suite 200, Dover, DE  19904

Phone: (302) 857-3580 • Fax: (302) 857-3640 • TDD: (302) 857-3585 • Web: http://www.rurdev.usda.gov

USDA loans for homeownership at 4 percent interest rate

          Dover, DE (March 13, 2009) – USDA Rural Development announced their interest rate for homeownership loans is at 4 percent and is expected to remain low in the coming months.  “With home prices at their lowest levels in years and combined with a great rate it is a good time to purchase a home,” said Kathy Beisner, Public Information Coordinator for USDA Rural Development.

            The USDA Rural Development home loan program is available to individuals and families in rural areas.  Last year, Rural Development staff helped more than 150 homebuyers secure financing in rural Delaware and rural Maryland through their direct homeownership program.  

Rural Development housing programs help families and individuals in rural areas improve their economic security through affordable home loans and homebuyer education opportunities.  In most cases, Rural Development home loans are available without a down payment.  Depending on the applicant’s income, monthly payments may be based on an interest rate as low as 1 percent.  Loans are typically made for 33 years at a fixed-interest rate.  Monthly payment assistance may also be available for those who qualify.

Eligibility for assistance is based on family income and varies by county.  Rural Development staff will help applicants calculate their adjusted family income and complete the application process. 

To schedule an appointment or for more information visit their website at www.rurdev.usda.gov or call a Rural Development Office near you:

Dover, DE                    302-857-3595

Georgetown, DE          302-856-3990 ext. 4

Denton, MD                 410-479-1202 ext. 4

Hagerstown, MD          310-797-0500 ext. 4

Mt. Lake Park, MD     301-334-6972

Prince Frederick, MD   410-535-1521 ext. 4

Snow Hill, MD             410-632-0616 ext. 4

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“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, S.W.,

 Washington, D.C. 20250-9410, or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).