If you’re looking to fix up your home this spring but don’t qualify for a traditional loan, the United States Department of Agriculture may have an option for you.
USDA Rural Development will offer low interest loans and grants to those who meet the established income guidelines. The limits for income vary by county and can be found by contacting your local USDA Rural Development office.
Loan applicants should also have an acceptable credit history, show repayment ability, be unable to afford a conventional loan, and live in a town of less than 20,000 people – although residents of Faribault and Owatonna are eligible because they were grandfathered in.
Grants are limited to elderly homeowners over the age of 62, and can only be used to remove health or safety hazards or to make the home more accessible.
For more information, contact the USDA, Rural Development office in Faribault at Phone: (507) 332-7418, ext. 4.