Affordable home loans available in Benton County

 

June 19, 2009 - CAMDEN, Tenn.–USDA Rural Development Area Director Bobby Goode today announced that in partnership with the University of Tennessee Extension Service, Specialist Mary Hickman will host an informational presentation on affordable homeownership Tuesday June 23, at 6 p.m. in the Benton County Library located at 121 South Forrest Avenue in Camden.

 

"This is an excellent opportunity for anyone looking to buy a home to receive information about affordable home loan programs available in Benton County," Goode said. "We'll also have information on our home repair programs for those needing improvements on their home."

 

Rural Development (RD) loans may be made without a down payment, and eligible applicants may qualify for loan financing up to 100 percent of the appraised value. Depending on an applicant’s income, monthly payments may be based on an interest rate as low as one percent.  Loans are typically made for 33 years at a fixed interest rate with a maximum loan amount of $131,000 in Benton County.

 

Homeowners may use RD home-repair loans to alleviate unsafe conditions, make repairs or to add needed space. The interest rate on these loans is one-percent and payments may be spread over as much as 20 years to keep the monthly payments affordable.

 

Eligibility for assistance is based on family income and varies by county.  For example, a four person household living in Benton County with an adjusted household income up to $37,050 may qualify for a low-interest home loan through Rural Development. Rural Development staff will help applicants calculate their adjusted family income and complete the application process.

 

USDA Rural Development invests in rural communities through business development, community and homeownership programs. Last year Rural Development assisted more than 678,000 Tennessee families and businesses with more than $435 million in financial assistance through affordable loans, loan guarantees and grants.

 

For more information on Rural Development programs available in the Benton County area contact the Rural Development Area Office in Union City at 731-885-6480, toll free at 800-342-3149 ext. 1497 or visit us online at www.rurdev.usda.gov/tn.

 

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