Tricounty News

Loans and grants available through USDA

Home-improvement loans and grants Low-interest home improvement loans and grants are available through USDA Rural Development for very low income families. Loan funds can be used for making basic repairs, installing essential features or to remove health and safety hazards. The maximum loan amount is $20,000 at a 1 percent interest rate for up to 20 years. Applicants for both loans and grants must live in a town with a population under 20,000. Grant funding is available for those 62 years or older and can only be used to remove health or safety hazards or remodel dwellings to make them accessible to household members with disabilities. The maximum grant is $7,500. Please call the Cambridge office at (763) 689-3354, Ext. 4 for more information on this program. Information is also available on the Web at. USDA lowers interest rate The USDA, Rural Development lowered interest rates on home loans. The rate dropped a full point, to 4 percent, for low-and very low-income rural residents looking for home financing. 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-$229,900 • Mcleod-$198,300 • Nicollet-$192,200 • Sherburne-$256,600 • Sibley-$184,800 • Stearns-$200,160 • Wright-$220,400 For more information, contact the local Rural Development office in Cambridge at (763) 689-3354, Ext. 4 and/or e-mail david.   This email address is being protected from spambots. You need JavaScript enabled to view it. . More information is also available at www.rurdev.usda.gov/mn.