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Housing Limitations and Requirements for loans:


• The balance of all Section 504 loans to an applicant can never exceed $20,000. • The interest rate on the outstanding principal is 1 percent.


• Loan terms are based on applicant’s repayment ability, never to exceed 20 years. • Loans of less than $7,500 may be on a “note only” basis (no mortgage). • Loans of $7,500 or more must be secured by a mortgage (with title insurance) with all outstanding debt on the property not exceeding the property value. • Cases where the total outstanding indebtedness on the property exceeds $15,000 require escrow for taxes and insurance (either by USDA or a prior debtor).


To qualify for the Loan Program:


• Applicant must be a U. S. citizen or a resident non-citizen admitted for permanent residence. • Applicant’s household must be very low income. • Applicant must have evidence of ownership. • Property must be in a rural area or town with a population of 20,000 or less. • Applicant must possess legal capacity to incur the loan obligation. • Applicant must have an acceptable credit history.


• Applicant must have suffi cient and reliable income to repay loan amount requested. • Applicant must own and occupy the property being improved and property must be a single family dwelling in a rural area and in need of repair.


• Applicant must be unable to obtain fi nancial assistance from other non-Rural Development or grant sources and lack personal resources that could be utilized to meet the applicant’s needs. • Applicant must have an income under the “very low” income limits defi ned by USDA Rural Development.


• Applicant must have repayment ability for the proposed loan.


Grant limitations are:


• The grant may not be used for cosmetic or convenience purposes such as painting, paneling, carpeting, improving closets, improving kitchen cabinets, changing lighting or adding a room other than a bathroom. • The loan and grant may be used to make a home or bathroom handicapped accessible. • The loan or grant may be used to install a septic system, install a well, or connect the home to public water.


Homeownership/Rehabilitation Program USDA Rural Development provides loans


for homeownership and/or home rehabilitation called 502 Direct Loan Program.


• Property fi nanced must be located in eligible rural areas or towns with a population of 20,000 or less.


• Applicant’s household income must be within either the very low- or low-income limits as defi ned by USDA Rural Development. Please contact a USDA Rural Development offi ce for income limits.


• Applicant may qualify for subsidy to reduce the payments to a level as low as 1 percent interest. Subsidy is reviewed periodically and adjusted according to borrower’s income. Portions of the subsidy are subject to recapture if borrower sells the property or ceases to occupy the home. • Homes fi nanced through USDA Rural Development’s Direct 502 Program must meet USDA Rural Development program standards, be inspected by a state registered inspector, meet USDA Rural Development’s thermal standards, termite and pest control standards and have adequate plumbing, heating and cooling, electrical, water and waste water disposal systems.


ousing


Loan applicants age 62 or older may be eligible for grant assistance, as follows:


55 55


205-333-2990 • www.westalabamaaging.org


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