Home loan and home repair funding may be available
USDA Rural Development offers home loans to low and very low income households living in rural Minnesota. Applicants must be unable to qualify for traditional financing and meet USDA income and credit requirements. Homes must be modest in size and design and be located in a rural community of 20,000 people or fewer that is not urban in nature. No down payment or mortgage insurance is required. Loans may be subsidized down to one percent interest depending on household size and income.
Rural Development also offers home repair loans for very low income homeowners. Loans up to $20,000 are available at an interest rate of one percent and repayable over 20 years. Grants up to $7,500 may be available to homeowners over the age of 62 and must be used to remove health or safety hazards.
For more information, contact the Alexandria Rural Development office at 320 763 3191 extension 4. You can also visit www.rurdev.usda.gov/mn.