Amerifirst Site Manager
With the month of June named “National Homeownership Month,” Rural Development officials want the community to know that they are available for assistance and have money to lend. You too can live the American dream of homeownership!
USDA’s RD 502 Direct Loan program provides loan assistance to low income families. The loan is subsidized by the federal government, which lowers the mortgage payment for the borrower.
Currently, the fixed interest rate is 4.875% for a term of 33 years with a loan limit of $140,600. Monthly payment assistance may be available for those who qualify.
Qualifications include:
- Borrower must be at least 18 years old
- U.S. citizen
- Good credit rating
- Demonstrated ability to repay the loan
In addition to National Homeownership Month, June also marks a high point in tornado season in Michigan. Although the tulips are blossoming and the weather is getting relatively nicer, spring often brings some of the most damaging weather Michigan sees all year. Tornados and hail storms often destroy homes and properties—leaving nothing but piles of memories and destroyed dreams in its path.
When it comes to picking up the pieces, homeowners should remember that the USDA Rural Development (RD) also provides affordable financing to those who have lost their homes or suffered damage due to a natural disaster such as a tornado.
While RD grants may not be your first line for funding, RD grants come in handy when financial assistance expires through other programs. In terms of personal assistance, the Rural Development can make loans of up to $20,000 at 1% interest, repaid over 20 years. Homeowners who are at least 62 years old may also qualify for a grant to cover repairs.
Grants and funding is also available to rebuild communities and repair damage to structures such as libraries, childcare facilities, public buildings and fire and police stations.
Non profit corporations and governmental agencies can also take advantage of funding through Rural Business Enterprise Grants. Funds can also be put to use for clean up, rebuilding and repairing industrial parks or commercial areas.
Want more information about the USDA RD lending program? Contact a helpful lender at AmeriFirst today at 800-466-5626 today.
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