USDA announces loan assistance for low-income homeowners

Low-income families and individuals in Bollinger, Cape Girardeau and Perry counties are eligible for assistance on repairs to their homes through a USDA Rural Development loan program.

Loans are available at a 1 percent interest rate to improve or modernize a home, make it safer or more sanitary, or to remove health hazards. Repairs can include new carpet, vinyl siding or other remodeling-type improvements.

The maximum amount to borrow under this program is $20,000 with a repayment term not to exceed 20 years.

Households whose income falls below 50 percent of the area's median income can apply for the loans. Residents living in Cape Girardeau are not eligible to apply for the loans because the population exceeds the 20,000 maximum for USDA housing programs.

For more information about homeownership financing or any other USDA Rural Development program, visit www.rurdev.usda.go/mo or contact Randal D. Friend at (573) 243-3153.