The U.S. Department of Agriculture Rural Development agency has announced that federal money is available in its Single Family Housing Direct Loan program for eligible low income rural residents who wish to purchase or build a home. No down payment is required and loan repayment is based on the applicant’s income.

“Through its Direct Loan program, Ohio Rural Development helped more than 200 families become homeowners in Ohio last year alone,” said area housing specialist Kay Wilson. “Many people who thought they could never buy a home because of their income or because they didn’t have enough money for a down payment may now have an opportunity to become homeowners.”

USDA Rural Development offers 100 percent financing with a 33-year term and a fixed interest rate; currently 3.25 percent. Most loans qualify for payment assistance, which can drop the effective loan rate to as low as 1 percent, often resulting in a monthly payment lower than the cost of the borrower’s rent.

Applicants must have a stable source of income, a satisfactory credit history and be able to demonstrable repayment ability. They also must meet established county income limits. The Hillsboro area office covers the 23 most southwestern counties in Ohio. The adjusted income limits for most counties in the service area are as follows:

Number of people in household: one – $31,200; tw0 – $35,650; three – $40,100; four – $44,550; five – $48,100; six – $51,700.

Income limits may be higher in some areas. To find your county’s information, visit https://www.rd.usda.gov/files/RD-DirectLimitMap.pdf, select Ohio on the map, and then locate your region or county.

To learn more about home ownership through our program or to request an application, call 937-393-1921 ext. 4, or email [email protected]. To learn more about all USDA Rural Development programs, visit www.rd.usda.gov.

Submitted by Kay Wilson, loan specialist, U.S. Department of Agriculture, Rural Development, 514 Harry Sauner Rd., Suite 3, Hillsboro.