USDA offers home mortgages

Tunkhannock - Rural Development, an agency of the U. S. Department of Agriculture (USDA), offers a subsidized government program designed to assist low income, credit worthy families and individuals in purchasing existing or building new homes in rural areas. To qualify, applicants must be under the low-income limit for the county they would live in, have an acceptable credit history, and meet certain debt to income ratios. Low income figures are available through the U.S. Census Web site. The current interest rate is 5.875% fixed (33 years), no down-payment is required, and funds for repairs (and sometimes closing costs) can be included in the loan. The unique feature about Rural Development mortgages is that the payments can be subsidized; meaning that part of the monthly payment is paid by the government, based on the applicant’s circumstances. The loan officer who serves this area is Kimberley Loftus. Call the Wyoming Local Office at 570-836-4157, ext. 4, for more information and find out how you can be pre-qualified by first requesting an application package and then supplying your annual income and monthly debt payments to the office. Please note, deductions to the annual gross income are made for the number of children in the household, child care expenses, and persons with disabilities. For more information on the programs offered by Rural Development, contact the Wyoming Local Office at 570-836-4157, ext. 4, or visit their Web site at www.rurdev.usda.gov/pa.