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2016-09-08

USDA Rural Development’s decreased interest rates

USDA

Administrators with the Texas USDA Rural Development have announced the implementation of an interest rate decrease for the Single Family Housing Direct Loan Program that went into effect Sept. 1. The new rate of 2.875 percent will be at an all-time low.
“USDA Rural Development is pleased to assist rural Texans in meeting their housing needs, a critical goal to the long term sustainability of our communities,” said Paco Valentin, USDA rural development state director.
This program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
Further information on this program is available by visiting USDA website at http://www.rd.usda.gov/tx. For local information, verification of area eligibility and application assistance, determine a local office by visiting http://www.rd.usda.gov/contact-us/state-offices/tx or call the Texas State Office at 254-742-9770.