NEWS BRIEF: USDA Rural Development home loans, grants – Park Rapids Enterprise

USDA Rural Development is accepting applications from very low- and low-income individuals and families seeking to purchase or repair a home in a rural area.

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The Direct Home Loan program offers financing to qualified applicants. No down payment is required, and the interest rate could be as low as 1% 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.

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The maximum loan amount is $40,000, repayable for a 20-year term and can be used to improve or modernize homes and do essential repairs.

Grants of up to $10,000 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.

Contact USDA Rural Development at [email protected] or visit

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www.rd.usda.gov/mn

for more information.

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