USDA Rural Development reducing direct home loan interest rate
March 7, 2009
SYRACUSE — The U.S. Department of Agriculture Rural Development agency is reducing its interest rate on direct home loans to 4 percent. The change is effective on March 1. This is the second consecutive month that Rural Development has reduced its direct home loan interest rate. The previous rate was 4.375 percent. Under the direct home loan program, low- and very-low income families and individuals receive a loan directly from USDA Rural Development to buy, build or improve homes in rural areas. The loans require no down payment, no private mortgage insurance and the standard term is 33 years. Payment assistance, which can reduce monthly mortgage payments, is also available for those who qualify. Persons interested in finding out more about the program should contact one of Rural Development’s 10 local offices — phone numbers are provided on the second page of this release — or contact the State Office’s Single Family Housing division at (315) 477-6416. Interested parties can also review the program’s income and eligibility web site at eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. In fiscal year 2008, the agency invested more than $273 million in rural New York, raising its total investment in the state to more than $1.75 billion since 2001. For more information about Rural Development’s housing, community and business programs, contact the State Office at (315) 477-6400 or visit the Web site at www.rurdev.usda.gov/ny. Area USDA Rural Development Service Centers: Batavia (585) 343-9167, ext. 2200, for Niagara, Erie, Orleans, Genesee and Wyoming counties; Bath (607) 776-7398, ext. 4 Schuyler, Chemung, Steuben, Allegany, Cattaraugus and Chautauqua counties.
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