Interested in a home loan that requires no down payment, no mortgage insurance and offers a low fixed interest rate?
The U.S. Department of Agriculture, Rural Development direct home-loan program might be right for you. Rural Development's Single Family Housing Direct Loan Program has received additional funding from the American Recovery and Reinvestment Act to assist rural residents with their home purchases.
Rural Development serves as the USDA's economic and community-development arm and has the mission of improving economic conditions and the quality of life in rural America.
The agency's SFH Direct Loan Program supports this mission by offering home loans to help rural Ohioans buy or build safe, decent and affordable homes. Home ownership is an economic cornerstone for individuals and communities and owning a home is an integral part of the American dream. The direct and indirect impacts of housing development also provide a stimulus for manufacturing, trade industries and related professional services, benefitting the larger economy.
The direct loan program provides government loans for low-income families or individuals. Borrowers must be able to afford mortgage payments, including taxes and homeowners insurance, and have an acceptable credit history. Payment assistance is available for many qualifying borrowers, which will reduce monthly mortgage payments.
Under this program potential homeowners can purchase a home with no down payment. Tony Logan, state director for Ohio said, "Many people who want to buy a home have the income to afford the payments, but have not been able to save for the down payment or closing costs. This program allows those applicants with minimal savings to purchase a home. In many cases, they can get into a home for less than $500."
For more information or an application, call the Rural Development Massillon Area Office at 330-830-7700, ext. 4.
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