AMARILLO, TX (KFDA) - The Department of Agriculture is providing low interest loans for folks wanting to repair their home in rural areas.
Homeowners in rural areas who need repairs to their homes but can't afford regular loans may be eligible for participation in USDA Rural Development's Single Family Housing Repair Loans & Grants Program.
The program, also known as the Section 504 Home Repair Program, aims to provide loans for very low-income homeowners to repair, improve or modernize their homes. To qualify for the program, applicants must own their home, and fall within Rural Development's income guidelines, defined as below 50% of the area median income and unable to obtain affordable credit elsewhere.
A 504 loan can reach a maximum of $20,000 at a fixed interest rate of 1 percent. The 504 Program also provides grants, which can be worth a maximum of $7,500 and may only be issued to eligible seniors aged 62 and older, and may only be used for the removal of health and safety hazards.