Cockerill Equipment



Nebraska Ag News Headlines
New Income Limits Increase Homeownership for Rural Families
Nebraska Ag Connection - 06/17/2016

The U.S. Department of Agriculture Rural Development has announced an increase in income limits for their homeownership programs. The direct homeownership program provides subsidized loans in rural areas to purchase or construct a single family home. Applicants interested in obtaining a direct home loan must have an adjusted income that is at or below the applicable low-income limit based on their size of household and the county where they wish to buy a house.

With the release of this year's updated income limits, Nebraska is participating in a pilot program that allows for two-two tiered income limits rather than limits based on individual household size, which will allow more families to qualify for the program. The two-tiered pilot will band together 1-4 person households and 5-8 person households. The new income limit for most counties in Nebraska for 1-4 person households is $48,800 and 5-8 person households $64,400. However, higher income limits may be applicable in some counties up to $62,800 for a 1-4 person household and $82,900 for a 5-8 person household. A full list of income limits by county and household size are available on the Rural Development website at www.rd.usda.gov/ne .

The increased income limits and low interest rates make it a good time for eligible families to purchase a home through the USDA Rural Development Direct Home Loan Program. The direct loan program offers 100% financing and rates are currently available at 3.0%. Depending on household incomes, mortgage payments may be further subsidized to as low as one percent interest rate.

Applicants must have acceptable credit history and repayment ability. Credit scores of 640 or greater are typically considered as acceptable however, credit scores below 640 may also be considered with additional credit analysis. Adequate funding remains available for the direct loan program

Nebraska State Director Maxine Moul said, "Homeownership should be an achievable dream and in many cases, USDA housing programs provide the only way for rural residents to buy a home."

All communities in Nebraska are eligible for USDA Rural Development housing programs with the exceptions of Fremont, Grand Island, Hastings, Kearney, Lincoln, North Platte, Omaha and South Sioux City/Dakota City." Visit www.rd.usda.gov/ne and click on the link for "Single Family Housing Direct Home Loans" under Key Feature Programs for more information and a list of contacts. You may also contact Single Family Housing Specialist Krista Mettscher at 402-437-5518, krista.mettscher@ne.usda.gov.

Send this article to a friend


Other Nebraska Headlines
Pipping Concrete
U.S. Custom Harvesters, Inc.
Copyright 2016 - USAgNet.com. All Rights Reserved.