ADVERTISEMENT

ADVERTISEMENT

USDA accepting applications to help low-income individuals and families buy or repair homes

No down payment is required, and the interest rate could be as low as 1% with a subsidy.

DispatchNewsBriefcloseup.jpg

BAXTER โ€” The U.S. Department of Agriculture Rural Development is accepting applications for very low- and low-income individuals and families seeking to purchase or repair a home in a rural area.

The Direct Home Loan program offers financing to qualified very-low and low-income applicants that are unable to qualify for traditional financing. 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.

The maximum loan amount is $40,000 at a 1% interest rate, 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.

For further information or questions, contact the Baxter Rural Development Office at 7118 Clearwater Road, Baxter, MN, 56501; or by calling 218-829-5965, ext. 110.

Our newsroom occasionally reports stories under a byline of "staff." Often, the "staff" byline is used when rewriting basic news briefs that originate from official sources, such as a city press release about a road closure, and which require little or no reporting. At times, this byline is used when a news story includes numerous authors or when the story is formed by aggregating previously reported news from various sources. If outside sources are used, it is noted within the story.

Hi, I'm the Brainerd Dispatch. I started working a few days before Christmas in 1881 and became a daily paper two years later. I've gone through a lot of changes over the years, but what has never changed is my commitment to community and to local journalism. I've got an entire team of dedicated people who work night and day to make sure I go out every morning, whether in print, as an e-edition, via an app or with additional information at www.brainerddispatch.com. News, weather, sports โ€” videos, photos, podcasts and social media โ€” all covering stories from central Minnesota about your neighbors, your lakes, your communities, your challenges and your opportunities. It's all part of the effort to keep people connected and informed. And we couldn't do it without support.
What To Read Next
Get Local

ADVERTISEMENT