The agency plans to spend 20-million dollars in Illinois on rural home loans this year. Housing Program Director Barry Ramsey says so far they’ve only loaned out about a third of that total. But, he says the home buying season peaks during the summer.
“The direct rural development home loan program offers 100 percent financing so there’s no down payment required. We don’t have any application fees. So it’s a great program to help someone out who is just buying their first home or just starting out.”
And it’s not exclusive to first-time home buyers. Anyone can qualify if they meet certain income guidelines and plan to buy in a town with a population under 35-thousand.
Last year in Illinois more than 280 home owners borrowed money through the USDA.