Mountain Projects announces self-help housing program
Mountain Projects Inc. announced that it is seeking applicants who are currently renting or living in housing that is inadequate for their needs. A place to call home is what most people wish for and work towards, but for many it is simply a dream.
Families that have tried unsuccessfully to obtain a conventional home loan without success may possibly qualify to build an affordable home through the Mutual Self-Help Housing Program administered by Mountain Projects Inc., and funded by USDA Rural Development.
Those who may qualify, if their income falls under the following income guidelines per household, are: one person — $19,200 to $30,700; two-person —$21,950-$35,100; three-person — $24,700 to $39,450; four-person —$27,400 to $43,850; and five-person — $29,500 to $47,350.
With this unique program, qualified participants will not have to have a down payment. Many borrowers qualify for an interest rate subsidy. This subsidy can reduce interest rates to as low as 1 percent, depending on total family income.
People may qualify for a Self-Help construction loan funded by USDA Rural Development if they: meet qualifying income guidelines and ratios; are a reasonable credit risk; have established a minimum of two years of employment history; and are willing to work under the guidance of a construction supervisor for a minimum of 20 hours per week during the construction of the home (note that most sweat equity hours are worked on the weekends).
Those interested may contact Shelbia Hyatt, housing counselor at Mountain Projects Inc., at 452-1447, ext. 127.