Financing Information

Here is a list of various grants and gift programs.  If it seems overwhelming, give us a call or email and we'll help you develop a plan of action and wade through the process!

Guaranteed Housing Program - Loans are made by approved lenders to qualified low and moderate income applicants.  No PMI (Personal Mortgage Insurance),  loans up to 100% of appraised value, no maximum loan limit (loan limit is determined by applicants repayment ability - PITI Ratio 29% and Total Debt Ratio is 41% (some applicants may qualify to exceed these ratios).  It is the bank or lender's loan; Rural Development is committed to providing a conditional commitment to the lender within 48 hours of receiving a complete file; 90% guarantee to the lender. Detailed information on this program and a list of approved lenders is available by contacting our office.

Direct Single Family Housing Program - Low and very low-income Single Family Homeownership Loan Program.  This program is designed to help eligible clients obtain the financing needed to purchase their own home. Payment subsidy reduces the monthly payment for qualified applicants (example - very-low income households pay the first 1% interest). The present full-note interest rate is 5.625%, 33 year term; loans may be up to 100% of appraised value based on applicants repayment ability.   Free Pre-qualifications.  We now have a Loan Processing Center to underwrite and close the loans.  Applicants apply at the local servicing office.

To request additional information please contact their office at (845) 343-1872 Ext. #4.

Grants/Gifts: