The United States Department of Agriculture (USDA) has a couple of programs available for homeowners who qualify. USDA loans are available for those who need assistance with funding of home repairs and renovations. If seeking a loan or grant from this agency, it is important to be sure you will qualify for this funding before applying. Below is the criteria that needs to be met to be approved for these programs, and the information on the loan or grant you may be approved for. This article is for informational purposes only. Criteria and specific information on these programs are subject to change, but it is current as of this article. For specific questions on these programs, please contact your local United States Department of Agriculture for assistance.
How Do I Qualify for a USDA Loan or Grant?
To qualify, all of the below criteria must be met:
- You must be the home owner and you must live in the home
- The home must be in a USDA eligible area
- Applicant must not be able to obtain reasonable home repair loans and grants or affordable funding from another source
- Household income must be below 50% of the median income for that area
- If applying for a grant, the applicant must be 62 years or older and unable to pay for repairs or pay for a loan for repairs
How Much Funding Can Be Obtained?
- The maximum home repair loan amount is $20,000
- The maximum home repair grant amount is $7,500
- Loan and grants can be combined for a maximum of $27,500
- Loans have a fixed rate of 1% and the term is 20 years
How do I obtain more information on USDA Loans and Grants?
The most current and specific information regarding USDA home repair loans and grants can be obtained by contacting your local USDA Home Repair Loan Specialist, or by contacting your local United States Department of Agriculture offices by phone.