Monday, March 22, 2010

Dollars available to purchase in rural Minnesota

Looking to buy a home in rural Minnesota?  USDA Rural Development has about $2.4 billion available to assist individual and families, who make less than 80% of their Area Median Income, become home owners in 2010. Rural Development recently began a new campaign: "All the Way to 20K" to help assist at least 20,000 families achieve homeownership in 2010 through its Direct Home Loan program.

Some of the highlights of the Direct Home Loan program include:

  • Targeted at very-low and low income applicants who do not qualify for traditional financing.
  • Non-traditional credit accepted.
  • Interest rates as low as one percent depending on income and interest rate subsidy.
  • Low or no down payment.
  • Fixed interest rates.
Are you thinking about purchasing your first home... and wondering if you might qualify for these funds through Rural Development?  Not sure what your next steps should be?  Speak with a non-profit housing counselor!  For more information about housing counseling... click here.

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