JACKSON - - 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 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% to 4% 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.