Spring in Iowa is a time for new beginnings as trees, plants and yards awaken from the cold of winter. Spring is also a time when many Iowans make plans to begin a new chapter in their lives by purchasing a home. USDA Rural Development currently has $10 million available for loans for Iowans to purchase or refinance homes in rural Iowa through its Direct Home Loan Program. The program offers 100 percent financing, a 33-year loan term and payment assistance for eligible applicants. This funding will remain on a first come first served basis through September 30, 2015.
“Each year USDA Rural Development invests more than $200 million in loans and grants that provide rural Iowa residents with decent, safe and sanitary housing,” said Bill Menner, USDA Rural Development State Director in Iowa. “It’s through housing
programs like this one that we work to ensure that as many rural Iowans as possible
have access to adequate housing.”
Recently a rural Iowa family of seven was living in a rental property that was not
suitable for occupancy. They made an offer on a home that was move-in ready. USDA
Rural Development received their purchase agreement on March 19. Their loan closed
and the family moved into their new home just 19 days later on April 7. The family
is ecstatic with their improved living conditions, and their house payment is $80
less than what they were paying for rent.
To learn more about USDA Rural Development’s housing programs please call (515)
284-4444, email DirectIA@ia.usda.gov or visit www.rd.usda.gov/ia.
USDA Rural Development also has a loan and grant program to help eligible homeowners make essential repairs such as a new furnace, roof, siding, or accessibility improvements, Homes repaired with these funds must be located in communities of less than 20,000 people or in rural areas.
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural areas and communities. Office locations include a State
Office in Des Moines, along locally, with an Area Offices in Atlantic.