Rural Housing Funding is more than $560 million through USDA Rural Development
More than $560 million was delivered in federal fiscal year 2013 by USDA Rural Development to achieve homeownership and complete home repairs for over 5,200 rural Kentucky families. USDA Rural Development oversees a $2.6 billion housing portfolio in Kentucky of single family home loans that have maintained low delinquency rates. There is funding available for Fiscal Year 2014 and applications are being accepted.
“Qualifying rural Kentucky families have the opportunity to realize their dream of home ownership through funding provided by USDA Rural Development,” said Kentucky State Director Thomas G. Fern, USDA Rural Development. “Our staff is prepared to help families determine their eligibility for home financing.”
USDA Rural Development has two loan programs that provide affordable homeownership opportunities to rural Americans: the Single Family Housing Guaranteed Loan program which had a banner fiscal year in 2013, and the Single Family Housing Direct Loan program. Both of these programs allow for 100 percent financing at affordable rates and terms. The Guaranteed loan program provides homeownership loans through approved lenders. The interest rate is negotiated between the lender and applicant and is currently below 4.75%. For the Direct loan program, loans are made directly through USDA Rural Development offices and the current interest rate is 3.75% and may be reduced to 1% for qualifying households. Additional information on both of these programs is available at the Agency website at www.rurdev.usda.gov/ky and click on the Single Family Housing link.
Eligibility for both housing programs is based on income, acceptable credit and repayment ability and the property must be located in rural areas with populations not exceeding 20,000. USDA uses sound underwriting criteria to ensure borrowers are able to repay their loans. By doing so, USDA Rural Development is helping to keep people in their homes. You can visit the Agency eligibility website at http://eligibility.sc.egov.usda.gov
to determine if you are within the established income limit based on the size of household and county and if the property is located within an eligible area.
For more information contact the Rural Development office at 975 Lovers Lane, Bowling Green, KY 42103 – 270-843-1111 or 270-842-1146 Ext 4. Our office covers Allen, Barren, Butler, Edmonson, Logan, Simpson and Warren Counties.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values.
USDA is an equal opportunity provider and employer. If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form (PDF), found online at http://www.ascr.usda.gov/complaint_filing_cust.html, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at [email protected].