USDA Rural Development has funds available to assist Mississippians with financing for home ownership through its Single Family Housing programs.
Applicants may be eligible to secure low-interest financing directly from Rural Development or secure a home loan guarantee through an approved commercial lender of their choice.
$18.5 million is available to very-low and low-income households in rural Mississippi through the Direct Home Loan Program.
To qualify, applicants must have an adjusted income that is at or below eighty (80 percent) percent of the HUD median income limit for the area where they wish to purchase a house and must demonstrate the ability to repay the loan.
These loans are available in rural areas with a population less than 35,000.
Loans may include no down payment, with interest rates ranging from 1 percent to 4 percent and a repayment period of up to 38 years.
$415 million is available for moderate-income households through the Guaranteed Rural Housing program.
The guaranteed program assists households with an adjusted annual income at or below $82,700.00 for a one-to-four-person household and $109,150.00 for a five-to-eight-person household.
These loans may include no down payment, fixed interest rates, and a term of thirty years.
If you are interested in learning more or determining your eligibility to qualify for a USDA direct or guaranteed home loan, please contact the Booneville Rural Development office at (662)-728-9003 ext. 4, or visit Rural Development’s website at www.usda.gov/ms.