USDA home loan program caseload changes location
Effective Jan. 1, USDA Rural Development will transfer its Direct Single-Family Housing home loan program caseload in Koochiching County from its Virginia area office to its Bemidji area office. The agency state in a news release that the change will help Rural Development provide better customer service and balance the rural population served by each office.
Current or potential borrowers in Koochiching County may contact the Bemidji office at 751-1942, ext. 4, if they have any questions.
Rural Development offers a subsidized home loan program that allows very-low and low-income residents living in rural areas to buy their own homes. Applicants may purchase a new home, existing home or build a new home.
Payments are based on household income, and loans are made with a subsidy provision to make payments affordable.
Loans up to $20,000 with a one percent interest rate over 20 years are available to me home repairs or remove health and safety hazards. Grants of up to $7,500 are available to homeowners over the age of 62 to remove health and safety hazards.