 |
Rural Housing Loan Partnership |
The Rural Housing Loan Partnership Program is a partnership between
the United States Department of Agriculture Rural Housing Service
and the Plymouth Redevelopment Authority that enables eligible applicants
to receive financing for the purchase of their home at rates substantially
below market. Depending on the applicant’s income, interest
rates of 6% down to 1% are available with no down payment and up to
a 38-year amortization. In addition, eligible applicants receive up
to $7,500 to cover closing costs and down payment, which is forgiven
over a five-year period. The program allows those who might not otherwise
qualify for the purchase of a home to do so, or allows those who did,
to qualify for substantially more.
The primary benefit of the partnership is that the funds from the
USDA are from a special allocation and applicants will not have
to wait the normal one plus year for USDA funding. However, the
applicants must have very good credit and the property to be purchased
must comply with Housing Quality Standards and must be Lead
free. Funds are limited and available on a first come first serve
basis.
Click here for information on who is eligible.
|
