"Residents in rural communities can make home ownership a reality through this program," said Area Director
Miller said the no down payment/no private mortgage insurance loans can be used to purchase existing homes or build new homes considered modest in nature. The program permits loans for up to 100 percent of the home's appraised value with a term of 33 years at a fixed interest rate, which currently stands at 4 percent. To qualify for a loan, the house must be located in an eligible rural area.
"Based on household income, qualifying individuals and families also can obtain a reduced rate, possibly as low as 1 percent," Miller said. "Knowing that the mortgage interest rate can never exceed the fixed rate offers our borrowers an additional security threshold in uncertain times."
Applicants must have a satisfactory credit history with a minimum score of 640, have a stable source of income and be able to meet repayment guidelines along with other eligibility criteria. Income limits vary according to family size and county of residence. Income limits for a household of four for most counties in the
Funds also are available for
At current rates, a loan of
For more information, call the
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