The U.S. Department of Agriculture’s Rural Development Ohio Findlay Area office Monday announced that federal funding is available for eligible low-income rural residents who wish to purchase a home but are unable to secure conventional financing.
Many people who never thought they could own a home now have another opportunity. Almost 200 homes were purchased in Ohio last year through the 502 Direct Loan program administered by Rural Development. These no down payment loans can be used to purchase, build, improve, repair, or rehabilitate homes that are modest in size and design.
The program permits loans for up to 100 percent of the home’s appraised value. The loan’s repayment period is 33 years at a fixed interest rate. Repayment terms vary based on the applicant’s income. To qualify for a loan, the house must be located in an eligible rural area.
In addition, the applicants must have maintained a satisfactory credit history, have a stable source of income and meet repayment guidelines. Income limits vary according to family size and county of residence.
Those interested in rural housing Single Family Housing Direct Home Loans in Ohio should visit the Single Family Housing Direct Self-Assessment tool or contact the Rural Development Findlay Area Office for further information at 419-422-0242, ext. 4.