Ohio Ag News Headlines Home Loans Availlable for Low-Income Residents Ohio Ag Connection - 07/29/2010 The U.S. Department of Agriculture's Rural Development Office in Marietta announced that Fiscal Year 2010 Annual and American Recovery and Reinvestment Act allocations are still available for eligible low-income rural residents interested in becoming homeowners. Rural Development helps many families acquire their own home through its Direct Loan Program. The direct housing loan offers 100 percent financing, 33 year term, 4.5 percent fixed interest rate, and can be used to purchase, repair or build homes to meet the needs of the household. Payment Assistance can temporarily lower the interest rate to 1 percent, and is available to borrowers who qualify based on income. The effect is a lower monthly out-of-pocket cost for the mortgage payment and is more affordable for the household in terms of monthly cash flow. The loan program ensures applicants have access to safe, well-built affordable homes. The applicant chooses the home they wish to purchase with the assistance of a local realtor or can locate a property directly from a seller. Most of Southeastern Ohio is eligible, but some areas are not eligible due to population criteria. The Rural Development Area Office can assist with questions on eligibility. Interested applicants must have a stable source of income, a satisfactory credit history, and have responsibly managed their other debt. As an example, in the majority of the Southeastern Ohio counties, the adjusted income limit would be $43,050 for a four-person household. Additional household size income limits can be obtained by calling the Rural Development Area Office. Further information on rural programs is available by calling 740-373-7113, ext. 206, or by email to carol.costanzo@oh.usda.gov. View the website at www.rurdev.usda.gov. The Marietta Area Office serves 18 counties in Southeastern Ohio. Copyright © 2010 - USAgNet.com. All Rights Reserved.