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RHS Asks Partners to Help Identify Potential Homebuyers in Need of Assistance

Tuesday, September 01, 2015

The Rural Housing Service (RHS) has available funds in its Section 502 Direct Loan Program that must be used by September 30, 2015. Loan funds may be used by qualified applicants to purchase existing homes, to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

 

As of August 24, 2015, RHS has enough Section 502 Direct Loan dollars to fund approximately 1,940 additional home loans through September 30, 2015. RHS has initiated an “all-hands-on-deck” approach to this funding availability, and is now asking partners to help the agency find potential homeowners to invest in.

 

Direct loans are available to low income households in rural areas. There is no down payment requirement and the effective interest rate can be as low as one percent. These applicants demonstrate a willingness and ability to pay their debt obligations but cannot receive credit from traditional mortgage lending institutions.

 

If you are interested in learning more about the program and taking advantage of the funds available through the end of September 2015, contact your state office to determine an applicant’s eligibility.

 

Section 502 Direct Loan Program Information
 

Section 502 Direct Loan Program: Best Kept Rural Housing Secret
 

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A Half-Century of Serving South Dakotans

In 1978, NESDCAP created the Northeast South Dakota Economic Corporation (NESDEC) as a revolving loan fund to focus on small business lending and job creation in 22 counties. In 2007, Grow South Dakota, was formed to provide housing, community and economic development statewide. Through services to individuals, technical assistance to community and economic development agencies, and loans to small businesses and homebuyers, GROW South Dakota has had broad and lasting impact.

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GROW South Dakota

GROW South Dakota
104 Ash Street East | Sisseton, SD  57262
Phone (605) 698-7654 | Fax (605) 698-3038 info@growsd.org