Funding available for home repair loan, grant program - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Funding available for home repair loan, grant program

CHARLESTON, MO (KFVS) - Funding is available for USDA Rural Development's Home Repair Loan and Grant Program.

The Charleston office serves Mississippi, New Madrid, Scott, Cape Girardeau, and Bollinger counties.

To qualify for the program, applicants must own and occupy the home and the total household income cannot exceed the “very low” income guidelines established for each county and household size. This program may be used to remove health and safety hazards such as repairing roofs, heating and air conditioning, electrical, plumbing, water/sewer systems, windows, insulation, or to make a home handicap accessible. It can also be used to improve or modernize a home.

All loans are at a fixed 1% interest rate for up to 20 years. This low interest rate enables the borrower to have a reasonable monthly payment that they can afford even with their very low income. For example, a $5,000 loan at 1% interest for 20 years would have a monthly payment of $23.00 per month. There is no penalty for early payment if the borrower wishes to pay extra or pay off early.

To qualify for a grant, homeowners must be age 62 or older. Grant funding is limited and many times repairs will be funded with a combination of a loan and grant. Those interested in the program are encouraged to contact the USDA Rural Development office for specifics on all the eligibility criteria.

For more information, visit the USDA Rural Development's website at http://www.rurdev.usda.gov/mo or contact Tracy L. Jordan at the Charleston Rural Development office, 831 S Hwy 105, Charleston, MO 63834; by phone at (573) 649-9947, Ext. 4; or by email at tracy.jordan @mo.usda.gov.

Copyright 2014 KFVS. All rights reserved.  

Powered by Frankly