Essay On Rural Housing Grants

715 Words3 Pages
Do You Qualify for Rural Housing Repair Homes and Grants?

There are basically three loan programs available to home buyers looking to buy a property in a rural area. These programs are (1) Single Family Housing Guaranteed, (2) Single Family Housing Direct, and (3) the Multi-Family Housing.

The programs are designed to allow eligible applicants to buy or repair homes in rural areas. All the loans fall under the United States Housing and Urban Development umbrella, otherwise known as HUD. However, they are administered by the United States Department of Agriculture (USDA) Rural Housing Service field offices.

The Rural Housing Services Loan program is designed for eligible borrowers to buy, build or improve their permanent dwellings. If a
…show more content…
• Borrowers can get payment assistance on direct loans depending on adjusted family income. Installment can be reduced to an interest rate for as low as 1%.
• The government has the authority to remove payment assistance once the applicant or borrower stops living in the home.
• No funding will be approved for people that had a previous USDA mortgage and a claim was filed as a loss.
• Guaranteed loans are amortized for 30 years.

Rural Housing

Farm Labor Housing loans and grants are designed to provide financing to the development of living quarters for domestic farm workers. Below are the general requirements for the loan program.

Loan

• The loan can be used for the building, repair, improvement, and purchase of homes for farm workers.
• Family farm cooperatives, an association of farmers, farmers, public agencies, Indian tribes, and non-profit organizations are eligible for the loan.
• Loan applicants are usually required to be unable to obtain home financing elsewhere, with some exceptions apply.
Grants
• Grants are provided to eligible associations of farm workers, non-profit groups, Indian tribes and public agencies.
• The grants can be used in areas for farm workers that live nearby - only RHS exception.

Rural Housing

Housing Repair Loans and Grants program is designed to assist homeowners and ensure they are able to remove health and
Get Access