Direct Home Loans Require No Down Payment and Offer a 2.875% Fixed Rate
The U.S. Department of Agriculture, Rural Development recently announced that interest rates for the Single Family Housing Direct Loan mortgage program will decrease in September to 2.875%. This rate is a historic low since the program’s inception in 1949.
USDA Rural Development’s Direct Loan mortgage program helps very-low to low income families and individuals buy, build or improve homes in rural communities. These loans require no down payment or private mortgage insurance (PMI) and the standard term is 33 years. Payment Assistance, which subsidizes the interest rate can further reduce monthly mortgage payments for those who qualify.
“Expanding and preserving homeownership is a major part of the foundation for a stronger, more prosperous rural New York,” said Jennifer Jackson, USDA Rural Development New York Single Family Housing Director. “There is tremendous potential for our housing programs in Madison County, New York.”
“Rural Development will be conducting an on-campus Homeownership Workshop at Morrisville State College on Wednesday, October 12th 2016 – in Charlton Hall from 6pm to 8pm,” Jackson said. “I would encourage residents throughout Madison County and surrounding communities to join us if they would like to purchase or repair a home and learn more about our housing programs.”
USDA Rural Development’s mission is to deliver programs that will increase economic opportunity and improve the quality of life of rural residents. Last year, Rural Development in New York provided over $250 million in housing loans, grants and loan note guarantees, helping 2,274 families and individuals to purchase and repair homes.
For more information on this program visit www.rd.usda.gov/NY — for details about the event at Morrisville State College, email Christopher Stewart at Christopher.Stewart@usda.gov.