USDA Rural Development Assists Homeowners with Repairs

CHARLESTON, MO, June 2, 2014 -- Ms. Patricia Vance of East Prairie says that she is "absolutely thrilled" with repairs recently completed at her home. Ms. Vance contacted the local USDA Rural Development office in Charleston and worked with them to utilize the 504 Home Repair Program. With this program, homeowners may obtain funding to make home repairs. Most repairs completed are for roof, siding, window and door replacement, electrical repairs, furnace or air conditioning replacement, other repairs needed to keep the home livable, and improvements to make a property handicap accessible.

Ms. Vance said, "RD was there to help just when I needed it." With this program Ms. Vance was able to obtain a furnace just as the winter had begun. She is also in the process of having new flooring installed and other miscellaneous repairs completed.

June is National Homeownership Month and part of successful homeownership is being able to maintain and repair your home. If you are in need of essential repairs to your home and wonder how to obtain affordable financing, USDA Rural Development may be able to assist with funding for these projects.

To qualify for the program applicants must own and occupy the home and have an income within Rural Development guidelines. One percent loans are repaid on a 10-20 year term and require monthly payments. This low interest rate enables the borrower to have a reasonable monthly payment that they can afford even with their very low income. For example, a $5,000 loan at 1% interest for 20 years would have a monthly payment of $23.00 per month. There is no penalty for early payment if the borrower wishes to pay extra or pay off early.

Homeowners age 62 or older may qualify for a grant. Grant funding is limited and many times repairs will be funded with a combination of a loan and grant. The program paperwork is relatively simple for applicants with no initial cost involved. Those interested in the program are encouraged to contact the USDA Rural Development office for specifics on all the eligibility criteria.

Anyone seeking more information about homeownership financing or any other USDA Rural Development program may visit the homepage at http://www.rurdev.usda.gov/mo/. To discuss your eligibility for the program you can contact Tracy Jordan at the Charleston Rural Development office, 831 S Hwy 105, Charleston, MO, 63834; by phone at (573) 649-9947, Ext. 4; or by email at tracy.jordan@mo.usda.gov.