Single Family 住房 和 修复 Program
What does this program do?
Also known as the Section 504 首页 修复 program, this program provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health 和 safety hazards.
Who may apply for this program?
To qualify, you must:
- 做房主 和 占据房子
- Be unable to obtain affordable credit elsewhere
- 有一个 家庭收入 below 50 percent of the area median income (effective 7/22/2019)
- 1 PERSON 2 PERSON 3 PERSON 4 PERSON 5 PERSON 6 PERSON 7 PERSON 8 PERSON
$36,200 $36,200 $36,200 $36,200 $47,800 $47,800 $47,800 $47,800
- For grants, be age 62 or older 和 not be able to repay a repair loan
How may funds be used?
- Loans may be used to repair, improve or modernize homes or remove health 和 safety hazards
- Grants must be used to remove health 和 safety hazards
How much money can I get?
- Maximum loan is $20,000
- Maximum grant is $7,500
- Loans 和 grants can be combined for up to $27,500 in assistance
What are the terms of the loan or grant?
- Loans can be repaid over 20 years
- Loan interest rate is fixed at 1%
- Full title service is required for loans of $7,500 or more
- Grants have a lifetime limit of $7,500
- Grants must be repaid if the property is sold in less than 3 years
- If applicants can repay part, but not all of the costs, applicants may be offered a loan 和 grant combination
Is there a deadline to apply?
- 首页 loans are available year round as long as funding is available
- 首页 loan applications are processed in the order they are received
How long does an application take 和 who can answer questions 和 how do I get started?
Approval times depend on funding availability. 联系 USDA home loan specialist. USDA Willmar Office: Alicia Jones 320-235-5612
Why does USDA Rural Development do this?
Helping people stay in their own home 和 keep it in good repair helps families 和 their communities. 首页ownership helps families 和 individuals build savings over time. It strengthens communities 和 helps many kinds of businesses that support the local economy.