Money Available for Rural Home Loans
The U.S. Department of Agriculture is ready to help potential low-income home buyers. The agency plans to spend millions this year on rural home loans.
Barry Ramsey, the Housing Program Director in Illinois said since the fiscal year began in October, they’ve loaned out about $7.5 million to low income home buyers across the state.
That leaves about $13.4 million left to spend on home loans in Illinois before the end of September. But, Ramsey said the home buying season peaks during the summer.
“The direct rural development home loan program offers 100% financing so there’s no down payment required," Ramsey said. "We don’t have any application fees. So it’s a great program to help someone out who is just buying their first home or just starting out.”
But it’s not exclusive to first-time home buyers. Anyone can qualify if they meet certain income guidelines, have a decent credit score and plan to buy in a town with a population under 35,000.
Last year in Illinois more than 280 home owners borrowed money through the USDA. There are 12 regional offices across the state that handle direct home loans.