Housing funds available for low income families in Haywood
USDA Rural Development State Director Randall Gore has announced that federal funding is available for housing loans. Applications are now being accepted for the low and very low income citizens in rural North Carolina.
“Our mortgage loan programs are life-savers for so many rural residents who have been unable to purchase their own homes, said Gore. “USDA Rural Development oversees a $1.2 billion housing portfolio in North Carolina.”
The lack of access to decent, clean, safe and affordable rural housing and difficulties obtaining mortgage credit severely limits options for rural citizens.
USDA Rural Development offers direct and guaranteed single-family housing loans to eligible rural residents. Applicants may obtain 100 percent financing to purchase an existing dwelling, purchase a site and construct a dwelling, purchase newly constructed dwellings located in rural areas. Eligibility is based on household income, repayment ability, and credit history.
William Kenney, Program Director, Single Family Housing stated “The Single Family Housing Direct Loan program helps improve quality of life and economic opportunity in rural North Carolina, serving our most vulnerable residents — low-income families, the elderly, and persons with disabilities.”
For information about the Single Family Housing Direct Loan programs in Cherokee, Clay, Graham, Haywood, Jackson, Macon and Swain counties, please contact: Sharon Taylor at 828-524-3175 ext. 4 or mail USDA, Rural Development, 195 Thomas Heights Road, Franklin, NC 28734. The adjusted household income limits for
- # in Family 1 2 3 4 5 6 7 8
- Haywood $30,700 $35,100 $39,450 $43,850 $47,350 $50,850 $54,350 $57,900
The current interest rate is 3.750% and may be reduced to 1% for qualifying households.
The Guaranteed loan program provides homeownership loans through approved lenders. Additional information on the USDA housing programs can be found at the agency website: www.rurdev.usda.gov/NCHousingPrograms.html
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values.
Further information on rural programs is available at a local USDA Rural Development office www.rurdev.usda.gov/nc or by visiting the USDA Rural Development website at www.rurdev.usda.gov/nc.