Vandalia Leader

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USDA loan limits increased for area

Posted on Tuesday, April 3, 2012 at 11:51 pm

USDA Rural Development is pleased to announce that effective April 1, 2012, the direct housing loan limit will increase to the following:   $156,900 – Audrain County; $150,900 – Clark County; $153,400 – Lewis County; $164,400 – Marion County; $137,000 – Monroe County; $159,400 – Ralls County and $150,900 – Shelby County.
Section 502 Direct Loans are made to very-low and low income families who meet the eligibility requirements of income, credit history and repayment ability.  Once the applicant is determined eligible for our services they are issued a Certificate of Eligibility which states the loan amount they qualify for.  Loans are amortized over a 33 year period with a fixed interest rate, which currently is 3.25-percent.  Borrower payments are based on income and can be government subsidized as low as 1-percent. For more information on our housing programs please contact us at Rural Development, 17623 Hwy 19, New London, Mo.  63459 or by calling (573) 985-7211 ext. 4.