June is National Homeownership Month

(Onslow County)  USDA Rural Development is dedicated to increasing awareness of programs and opportunities available to help those who do not own a home achieve the dream of home ownership.  Rural Development has 502 Direct Loan funds available and applicants may qualify for payment assistance.  Mortgage payments are based on the household's adjusted income.  Families are expected to pay 24% of their gross adjusted income for house payment, insurance, and taxes.  This 24% requirement often reduces the effective interest rate to as low as one percent.    The adjusted household income limits for Onslow County are one person, $28,200; two persons, $32,250; three persons, $36,250; and four persons, $40,300.  In order to determine income eligibility only, you may visit the following Internet website at:  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

The 502 Direct Loan can assist a prospective homebuyer purchase an existing dwelling, purchase a newly constructed dwelling, or purchase a site and construct a dwelling in rural areas.  Rural areas include communities with a population of 20,000 or less.  Eligibility is based on household income, repayment ability, credit history, and the inability to afford a conventional loan.  The American Recovery and Reinvestment Act provided additional funds that are available through September 30th.                                    

“The Obama Administration is committed to bringing the necessary resources to rural America to provide decent, affordable housing to those who need it”, said Agriculture Secretary Vilsack. “A strong Nation is made up of strong families, and safe, quality housing contributes greatly to rural Americans’ quality of life.”

For more information regarding the Section 502 Direct Home Loan Program please contact the USDA Rural Development office in Kinston at (252)-526-9799 ext 4.