Wednesday, March 28, 2007
USDA Loans For Low-Income Homeowners
Nazareth blogger Ross Nunamaker has the second best blog in the Lehigh Valley. If you're wondering why I make this bold statement, check out his informative post about some USDA loan programs for low-income homeowners. As Ross explains, Rural Development will lend as much as $20,000 at a 1 percent interest rate for repairs and home improvements. "These loans are limited to households whose income falls below 50 percent of the area's median income. For example a family of four, in Northampton County, with an adjusted household income earning approximately $32,950 could qualify for this program. For applicants that are 62 years of age or older, who have very low income and do not have repayment ability for a loan, the possibility of a grant exists. To determine eligibility visit this Rural Development site page." Gosh, this should cover more than a few county employees.