Nevada County Picayune and Gurdon Times Newspaper Archive

Loans Available

John Edwards, state director of USDA Rural Development, announced guidelines to assist people whose homes were lost or damaged by the storms that hit Nevada County.

USDA Rural Development provides financing for housing, infrastructure projects, and businesses located in rural America.

One percent home repair loans are available to eligible very low income borrowers to repair damage to homes. The maximum loan amount is $20,000 with a maximum term of 20 years.

Individuals who meet adjusted income limits, have adequate repayment ability and have an acceptable credit history may be eligible for assistance. For example, in Nevada County, a family of four with an adjusted income of $15,150 or less, with adequate repayment ability, and acceptable credit history can qualify for the one percent repair loan program.

Income limits vary by the number of individuals in a household.

For Nevada County residents impacted by the storm who wish to build or purchase a home, USDA Rural Development offers a home mortgage program with a payment assistance feature for eligible borrowers.

The payment assistance feature allows qualifying borrowers to make payments based upon their income, with an interest rate ranging from one percent to 7 1/4 percent.

These loans have a maximum term of 33 years. For example, in Nevada County, a family of four with an adjusted income of $18,000 who meet qualifying debt ratios and have acceptable credit history may qualify for a $65,000 loan with a monthly principal and interest payment of $300.

For more information, contact the USDA Rural Development representative at the nearest FEMA assistance site, or call 1-800-292-8308 or 501-777-8809.