National Homeownership Month Celebrated Locally
July 1, 2010
The Cookeville Area Office of USDA Rural Development celebrated National Homeownership Month by planting a dogwood tree at the Barbera home Tuesday (June 29). Their new home was financed by a Rural Development Single Family Housing Loan.
"It's a happy time and we were glad to be here to share it," said Larry Harkleroad, area specialist with the USDA.
Rural Development (RD) loans may be made without a down payment and eligible applicants may qualify for loan financing up to 100 percent of the appraised value, Harkleroad said. Depending on an applicant's income, monthly payments may be based on an interest rate as low as 1 percent.
"Loans are typically made for 33 years at a fixed interest rate with a maximum loan amount of $136,000 in Cannon County," Harkleroad said.
Eligibility for Rural Development loans is based on family income and varies by county. For example, a four-person household living in Cannon County with an adjusted household income up to $52,150 may qualify for a low interest home loan through Rural Development.
For more information on Rural Development programs in Cannon County, contact the Rural Development Area Office in Cookeville at 931-528-6539, ext. 112.