Thursday, April 30, 2015

USDA Rural Development offering housing funds for very-low and low-income families in rural Kentucky communities - News Democrat Leader - newsdemocratleader.com

USDA Rural Development offering housing funds for very-low and low-income families in rural Kentucky communities - News Democrat Leader - newsdemocratleader.com





The lack of access to decent, safe and affordable rural housing and difficulties obtaining mortgage credit severely limits options for rural citizens. Rural Development offers direct and guaranteed single-family housing loans to eligible rural residents. Applicants may obtain 100 percent financing to purchase an existing dwelling, purchase a site and construct a dwelling, purchase newly constructed dwellings located in rural areas. Eligibility is based on household income, repayment ability, and credit history.





“USDA mortgage loan programs are life-savers for so many rural residents who have been unable to purchase their own homes,” said Fern. “The Single Family Housing Direct Loan program helps improve quality of life and economic opportunity in rural Kentucky, serving our most vulnerable residents – low-income families, the elderly and persons with disabilities.”


In 2014 alone, USDA helped more than 5,000 rural Kentucky residents become homeowners by investing more than $521 million in loans, grants and technical assistance that provided affordable, safe housing for rural Kentuckians.


 
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