Tricounty News

USDA Rural Development lowers interest rate on home loan program

USDA, Rural Development recently lowered interest rates to 3.250 percent on its direct home loan program for low and very-low income borrowers.

Applicants may purchase a new home, existing home or build a new home. To qualify, applicants must meet Rural Development's income limits, have adequate and dependable income, have an acceptable credit history, be unable to obtain sufficient credit from other sources, and show repayment ability.

The maximum loan limits available (depending upon repayment ability) for the following counties are:

Carver $220,900

McLeod $198,300

Nicollet $182,900

Sherburne $219,000

Sibley $184,800

Stearns $200,160

Wright $217,500

For more information, contact the local Rural Development office in Cambridge at (763) 689-3354,

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