DCOH TO HOST USDA HOME LOAN MEETING

Edit: This was rescheduled for April 27, 2017, at 6:00 p.m. at the Haskell Jr. High Building.

The Development Corporation of Haskell would like to invite residents, real estate agents, contractors and lenders to learn more about the USDA Direct and Guaranteed Home Loan Programs. The meeting will be held at the Haskell Jr. High Building, Room 96, (north end of the Secondary Campus) on March 28, 2017, at 6:00 p.m. The meeting will focus on opportunities available for families and individuals to achieve the dream of home ownership. Families that are interested in living in rural communities and owning their own home or existing home owners that need assistance with home repairs should plan to attend.

Representative Cheryl Reed with USDA Rural Development will be available to discuss programs that offer up to 100% financing for a home purchase. Financing is available at a fixed interest rate currently at 3.25%. Very-low income households may quality for payment assistance which brings their effective interest rate to as low as 1%. These affordable rates with no down payment make home ownership affordable and may be less than rent.

If you are wondering if your income meets the requirements, take a look. For Haskell County the direct loan program income requirements are as follows: 1 person: $29,450, 2 persons: $33,700, 3 persons: $37,900, 4 persons: $42,100, 5 persons: $45,450, 6 persons: $48,850. For the guaranteed loan program the limits are as follows: 1 – 4 persons: $75,650, 5 – 8 persons: $99,850.

Rural Development also has home repair loans. For very-low income home owners, the interest rate is 1%. Grants are available for very–low income elderly home owners who are unable to repay a loan for health and safety hazard repairs and handicapped accessibility.

Discussion will also cover the basics of obtaining a loan, how repayment and credit affect loan qualifying, and requirement for purchasing an existing home or new construction.

For more information please contact Jimi Coplen with the DCOH at 940-864-3424 or Cheryl Reed with USDA at 325-690-6162.