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Tuesday, 10 January 2017

USDA Housing Grants Assistance and Home Loans For Low Income

Low income families looking for housing assistance and home loans can turn to USDA for financial help. USDA provides housing opportunities in rural areas, renovation grants, and home repair programs to low income and very low income households. Moreover, low-interest home loans are also available for emergency needs to help pay off rents. Let’s read about them.
Multi-Family Housing Rental Assistance
This program pays the owners of the Rural Rental Housing to compensate the rent the low income tenants cannot pay. The tenants pay the rent according to their income levels and the remaining is paid by the USDA. The rental assistance is offered for apartments in existing or new Rural Rental Housing financed properties. The funds are offered to properties occupied by very low and low-income tenants who can’t pay their rents. The first priority is given to those with very low income i.e. who have income below 50%-80% of area median income.

Mutual Self-Help Housing Grants
USDA gives grants to organizations that financially help low and very low income people to construct their own houses. These are self-help construction projects supervised by organizations and constructed by eligible families or individuals in rural areas. The construction labor is provided by the group members while the technical assistance is provided by the in-charge organization.
The grant program was initiated to offer financially deprived families affordable, safe and decent homes to live in. The very low income people who reside in substandard houses are given first priority.
Home Loans For Low Income
Single Family Housing Direct Home Loans
Low and very income people can apply for the loan program to get affordable, safe and decent housing in rural areas. It offers payment assistance that can reduce the mortgage payment for a certain period. The family income is the determining factor for the loan amount.

The loan amount may be used to purchase home in rural areas that have less than 35,000 population, to repair, build, renovate or relocate a home. An applicant’s income levels, debts, assets, and repayment ability are the deciding factor for the loan amount. Moreover, the loan amount cannot exceed Area’s Loan Limits.
The eligibility criteria to apply are:
Applicants should not have a decent and safe house
Should not be able to get loan from other resources
The house should be the primary property and occupied by the applicant
Should be legal U.S. citizens
Have the ability to repay debts
Single Family Housing Guaranteed Loan Program
Low and moderate income people can get a loan from USDA to get decent, safe and sanitary houses to live in. The loan amount can also be used to repair, renovate, build, rehabilitate or relocate a house in a rural area. To apply applicants must go to an approved lender in their state. To apply applicants must:

Have needed income eligibility
Be legal U.S. citizens
Should be eligible to participate in federal programs
Meet credit obligations on time
Start applying soon for USDA Housing Assistance and Home Loans. For more information do visit USDA site.

Tags- first time home buyer grants, home loan program, housing assistance, mortgage assistance, home repair, home improvements, window replacement, roof repair grants.

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