Homebuying season is in full swing in Wisconsin and USDA Rural Development’s Housing Programs offer a broad range of homeownership assistance available to individuals and families who live in rural communities.
Rural Development programs can help families transition from renting an apartment to owning their own home and in some situations, their mortgage payment is less than their previous rent payment! Rural Development can also assist the elderly and current homeowners with home improvements, helping them to stay in their own home. We work with many partnership organizations such as Habitat for Humanity, CAP Agencies and Movin’ Out to really make a difference and spread all of our program dollars further to help more customers.
The Direct Home Loan Program offers 100 percent financing, with no required down payment, for very low and low income individuals or families. Other highlights include:
- Loan term of 33 years; some applicants qualify for 38 years; manufactured homes 30 years
- Fixed interest rate currently at 2.5%. Payment assistance can reduce actual interest rate to as low as 1%
The Home Repair Loan and Grant Program can provide up to $7,500 in grant assistance for elderly households and $20,000 in loan assistance to very low income households. Other highlights include:
- 20-year loan term (the payment on a $20,000 loan is $92/month)
- 1% fixed interest rate
- A lien is not taken against the property and equity is not required for loans under $7,500
The delivery of the Single-Family Housing Direct Loan and Grant Programs in Wisconsin has been centralized. Please direct all inquiries and applications to sfhapplication@usda.gov or call 715-345-7611. To determine if your applicant is a good fit for the Direct Loan Program, complete the Pre-Loan Assessment Form. Questions? Call 715-345-7611, email sfhapplication@usda.gov or contact the Area Office that services your County.