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504 Home Repair and Rehab Loans and Grants & 502 Direct Loan Program

504 Home Repair and Rehab Loans and Grants & 502 Direct Loan Program. 504 GRANTS Applicant must be at least 62 yrs. of age for grant Very low income limits apply Maximum grant assistance is $7,500 (lifetime) Applicant must own & occupy property Asset limitations apply

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504 Home Repair and Rehab Loans and Grants & 502 Direct Loan Program

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  1. 504 Home Repair and Rehab Loans and Grants & 502 Direct Loan Program

  2. 504 GRANTS • Applicant must be at least 62 yrs. of age for grant • Very low income limits apply • Maximum grant assistance is $7,500 (lifetime) • Applicant must own & occupy property • Asset limitations apply • Forgiven after 3 years

  3. Examples of Section 504 Grant Repairs Funds can be used to: Remove health & safety hazards • Unsanitary plumbing conditions • Hazardous electrical • Sewer lines or septic tank failure • Unsafe structural conditions • Code violations • Leaking roofs • Faulty heating • Installation of grab bars, railings and other accessibility devices to assist the elderly or disabled

  4. 504 LOANS • Maximum of $20,000 under loan program • Loan can be amortized over a maximum of 20 years • Fixed 1% interest rate • Very low income limits apply • Applicant must own & occupy property • Asset limitations apply

  5. 504 LOANS Repairs or Improvements Funds can be used to: Improve or modernize home in addition to those items found in the grant program • Exterior and interior painting • Storm windows/security doors • Insulation • Gutters/downspouts • Replacement of sinks and toilets • Replacement of flooring • Appliances

  6. 502 DIRECT LOAN PROGRAM • Primary purpose – purchase/construct a home • Can be used to make repairs to an existing home • Refinancing (in cases where customer may lose home) • Applicant does not own adequate housing • Fixed rate mortgage – current rate is 3.25% • Term of loan – 33/38 years; 30 years for a manufactured home

  7. Loans may be made up to 100% of market value – no down payment required unless asset limitation is exceeded ($20,000 elderly; $15,000 non-elderly) • Low and very-low income limits apply • Payment assistance subsidy reduces monthly payments for eligible applicants • No PMI (private mortgage insurance) required.

  8. Rural Development Contact Information • 1 (715) 345-7611 • Ask to be transferred to the Rural Development Office that covers your area of interest.

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