USDA Rural Development staff helped more than 800 home buyers secure financing in rural Missouri with their direct housing program last year. By working with applicants up front to ensure they are financially ready for the responsibilities of home ownership, Rural Development also kept the delinquency rate on its home loans to less than four percent.

     Rural Development housing programs help families and individuals in rural areas improve their economic security through affordable home loans and home buyer education opportunities. In most cases Rural Development home loans may be made without a down payment. Depending on an applicant's income, monthly payments may be based on an interest rate as low as one percent. Loans are typically made for 33 years at a fixed interest rate. Monthly payment assistance may also be available for those who quality.

     Eligibility for assistance is based on family income and varies by county. Rural Development staff will help applicants calculate their adjusted family income and complete the application process. Rural Development also has very low-interest loans for home repairs related to health, safety and accessibility. Applicants must own their home. Those 62 years or older may qualify for a home repair grant in some cases.

     USDA Rural Development invests financial and technical resources in rural communities through housing, community and business development programs. In Fiscal Year (FY) 2008 Rural Development assisted more than 3,000 Missouri individuals and/or families with housing through $277 million in guaranteed financing. The agency helped people in rural communities with assistance on infrastructure for streets, water and sewer, creation of jobs through businesses, affordable rental assistance with multi-family housing, and essential community services by investing $670 million in rural Missouri in FY 2008 through loans, loan guarantees and grants.

     To discuss home ownership, or for more information on any of Rural Development programs available in Missouri contact Danonne Citro at USDA Service Center 3210 Hoover Drive, West Plains, MO or by calling 417-256-7117 ext 4 or visiting the website at www.rurdev.usda.gov/mo/.