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USDA housing loans for low-income families

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  • Originally published December 13, 2009 at 7:03 p.m., updated December 14, 2009 at 10:03 a.m.

  • USDA housing loans for low-income families

    For more information contact the Edna USDA Rural Development office at 361-782-7151 extension four or visit www.rurdev.usda.gov/tx.

EDNA - The U.S. Department of Agriculture is offering low-interest, no-down-payment housing loans to families in rural areas.

The USDA Rural Development in Texas has more than $130 million to help families become home owners, according to a press release. The loans are possible because of an increased level of funding through the American Recovery and Reinvestment Act.

"USDA Rural Development is proud to assist rural Texans in meeting their housing needs, which is critical to the long-term sustainability of our communities," said Paco Valentin, USDA Rural Development state director, in a press release.

The Direct Rural Housing Program is targeted especially for low to very low-income families.

No down payment is required for the program and closing costs may be included in the loan. An applicant may be eligible for payment assistance which could subsidize the interest portion of the house payment to as low as one percent and lower the overall monthly payment. In many cases the total monthly house payment, including taxes and insurance, may actually be less than a typical rent payment.

Homes must be in a community of 10,000 people or less and locations not closely associated with urban areas. Under special conditions loans can be made in towns and cities between 10,000 and 25,000 in population.

For more information contact the Edna USDA Rural Development office at 361-782-7151, Ext. 4, or visit www.rurdev.usda.gov/tx.


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Comments

  • countrypreacher countrypreacher Report a ViolationReport a Violation Permalink

    If, monitored correctly,per guidelines,this is a tool to put property taxes back into the County's coffer.The protential client MUST invest capital & buy-in, into the the idea of Home Ownership.

    December 22, 2009 at 6:45 a.m.
  • WannaBeRancher WannaBeRancher Report a ViolationReport a Violation Permalink

    Yep, MORE $$$ to waste. It won't come without strings attached either. I'd discourage anyone for getting into a program like this.

    December 17, 2009 at 10:55 a.m.
  • victorianbybirth victorianbybirth Report a ViolationReport a Violation Permalink

    Isn't this one of the problems with our economy today...home loans to people who can't afford them? Why is the government increasing funding to a program like this instead of cutting funding, these programs don't work & it's a waste of my tax $$.

    December 13, 2009 at 9:23 p.m.