TEMPLE, TEXAS, April 23, 2010 – USDA Rural Development announced $85 million in Section 502 Direct Loan funding remains for fiscal year 2010. Due to an increased level of funding as a result of the American Recovery and Reinvestment Act, USDA Rural Development in Texas had more than $130 million in Direct Loan funding available this year to help families achieve the dream of homeownership. Direct Loans are available to qualified applicants for purchasing or building a single family home in a rural area.
“USDA Rural Development is proud to assist rural Texans in meeting their housing needs, which is critical to the long term sustainability of our communities,” said Paco Valentin, USDA Rural Development State Director. “We have assisted thousands of Texans with purchasing a home and we look forward to continuing that tradition.”
Francisco and Maria Silva of Ferris, TX, are among the applicants who have been approved recently for the Direct Loan Program and now have a place to call home. “USDA Rural Development changed our lives. We would not have been able to buy a house without their assistance,” attributes Mr. Silva. As a proud homeowner, Francisco told the USDA Rural Development staff that assisted him, “you all need to come visit; my home is your home.”
USDA Rural Development's Direct Loan program provides 100% financing through low-interest, no-down-payment loans to help low to very-low income families and individuals purchase their own home. Eligible homes must be located in a community of 10,000 persons or less and locations not closely associated with urban areas. Under certain circumstances loans can be made for homes in towns and cities with populations up to 25,000 people. Funding can be used to purchase an existing home or to build a new home, within the established loan guidelines.
For program eligibility or to complete a Direct Loan application, visit http://offices.sc.egov.usda.gov/locator/app for your nearest USDA Rural Development office or call (254) 742-9770 for further assistance.