Kentucky USDA Rural Development has funding available for very low- and low-income individuals and families considering purchasing or repairing a home in a Kentucky USDA rural area.
Kentucky USDA Rural Development has funding available
The Direct Home Loan program offers financing to qualified very low- and low-income applicants who are unable to qualify for traditional financing. No down payment is required, and the interest rate could be as low as 1 percent with a subsidy. Applicants must meet income and credit guidelines and demonstrate repayment ability.
The program is available in rural communities of generally 35,000 people or less.
The maximum loan amount is $20,000 at a 1 percent interest rate, repayable for a 20-year term and can be used to improve or modernize homes and do essential repairs. Grants of up to $7,500 are available to homeowners 62 and older and must be used to remove health or safety hazards, such as fixing a leaking roof, installing indoor plumbing, or replacing a furnace.
Time is limited to receive funds for the current fiscal year. Contact a USDA Rural Development Housing specialist to see if you qualify. USDA Rural Development loans and grants provide assistance that supports infrastructure improvements; business development; housing; community services such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov/. USDA is an equal opportunity provider, employer, and lender.
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Mortgage Loan Officer
email: kentuckyloan@gmail.com
