WXOW News 19 La Crosse, WI – News, Weather and Sports |Loan money available to home builders
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Stevens Point, WI (WXOW) - The USDA Rural Development Wisconsin Guaranteed Rural Housing (GRH) loan program continues to assist those who want to build or purchase a home. This program is part of the Federal Government's plan to improve rural communities, and it allows applicants to finance the purchase price, closing costs and repairs up to 100 percent of the appraised value of the home.
Last year, the program helped over 3,700 individuals and families receive over $400 million in Guaranteed Loans. There is no purchase limit and no down payment while interest fixed rates are amortized over 30 years. There is no Private Mortgage Insurance (PMI) or minimum credit score required, but mortgages are limited by the applicant's ability to repay the loan.
Guaranteed Rural Housing Loans are financed through participating leaders, such as banks, credit unions, and mortgage brokers, and are guaranteed by the Federal Government. Financing is for new construction, existing homes or modular homes meeting HUD guidelines.
USDA Rural development does charge a one-time guaranteed fee of 2 percent of the loan amount to the lender.
The agency has six area offices throughout the state. For the office nearest you, visit: http://www.rurdev.usda.gov/wi/programs/rhs/sfhg/index.htm or call 715- 345-7620.
