Future Rural Homeowners Should Apply

July 2, 2004

USDA Rural Development helped 872 rural Coloradoans invest over $60 million dollars into their own homes in Fiscal Year 2003. Through the direct and guaranteed home loan programs, decent, safe, and sanitary housing was provided, thereby enhancing the quality of life in rural Colorado. "Rural Development has been instrumental in helping hundreds of people become successful homeowners. We have helped build communities and there is still more funding available to increase that number even further," said Gigi Dennis, USDA Rural Development State Director.

The direct and guaranteed home loan programs provide funding to help individuals/families obtain a home with no down payment and with favorable rates and terms. The home must be located in a rural area, populations of 10,000 or less; however some communities up to 20,000 may also be eligible. Loan funding can be used to purchase single family dwellings, town homes/condominiums, or new manufactured homes.

The Direct Loan program makes home loans available to those with incomes less than 80 percent of the median for their area. The goal is to help families, especially first-time homebuyers, become established in their homes and communities. For example, a family of four living in Wray could be eligible for the direct loan program if their combined income did not exceed $41,350.

For more information on rural development housing programs, income eligibility, or to locate the nearest USDA Rural Development office, please visit our website at www.rurdev.usda.gov/co/index.html or call the State Office in Lakewood at 720-544-2920.