The United States Department of Agriculture Rural Development has been continuously committed to providing assistance to rural Americans.
Through the different rural housing programs offered by the department, many families can have safe homes to live in.
Here is a quick roundup of some of the rural housing programs that residents in rural areas can take advantage of:
Single-Family Housing Direct Loans
This program provides financial assistance to low-income applicants so they can get safe, sanitary and affordable houses within rural areas.
The loan can be used to buy, build and repair homes that will be used as a primary residence of the borrower.
Single-Family Housing Loan Guarantees
These guaranteed loans can be used by families to buy new or existing homes within an eligible rural location.
This mortgage program is offered by USDA-guaranteed lenders and can be used to refinance any current single-family guaranteed or direct loans.
Single-Family Repair Loans and Grants
Low-income homeowners within USDA-eligible areas can take advantage of this financial assistance to make repairs and improvements to their home.
This is one of the rural housing programs that can help homeowners have a chance to eliminate their home’s possible safety hazards.
Mutual Self-Help Housing Technical Assistance Grants
The USDA provides assistance to organizations that create local self-help housing construction programs.
Eligible applicants can be private and government non-profit organizations and federally-recognized tribes.
Farm Labor Housing Direct Loans & Grants
Eligible borrowers get to have an affordable financing for construction or rehabilitation of rental housing for farm workers through this program.
Qualified applicants can either be farmers, a farmers’ association or family farms, non-profits and federally-recognized tribes.
Housing Preservation & Revitalization Demonstration Loans & Grants
This program helps preserve and improve safe and affordable rental housing by restructuring loans for existing Off-Farm Labor Housing and Rural Rental Housing projects.
Multi-family housing project owners with either Rural Renting Housing or Off-farm Labor Housing Loans can apply for this program. Applications are still accepted. Deadline for submission is until Dec. 1, 2017.
Multi-Family Housing Direct Loans
The USDA’s Multi-family direct loans gives financing to individuals, associations, non-profit organizations, state and local government entities, and some others.
Funds can be used to construct, improve, or purchase multi-family rental housing for low-income families, the elderly, and persons with disabilities.
Multi-Family Housing Loan Guarantees
This program is for qualified private-sector lenders to give financing to qualified borrowers.
This is to increase the number of affordable rental housing for low- and moderate-income individuals and families within USDA-approved areas.
Lenders who are approved and active in the following programs can apply for this program:
- Fannie Mae, Freddie Mac, Ginnie Mae
- Federal Home Loan Bank members
- State or local housing finance agencies
Borrowers can also be state and local government entities, non-profits, for-profits, and federally recognized tribes.
Multi-Family Housing Rental Assistance
Project owners of Farm Labor Housing or Rural Rental Housing can take advantage of this program.
It’s specifically offered to owners who will make payments on behalf of low-income tenants who are unable to pay rent.
The USDA prioritizes properties with very-low income tenants first to receive assistance.
Detailed information about applications and other resources about these rural housing programs can be accessed through their website.Match with a lender today.