The U.S. Department of Agriculture’s Rural Development program helped 2,663 rural Iowa families buy homes last year, a record for the state, using more than $277 million in loans, according to a release.
The number represents a 16 percent increase in funding from 2012. The program offers competitive interest rates and fixed terms, and it requires no down payment. Loans, and some grants, are also available to help families make repairs to their homes. Typical annual income limits for a household of four are $74,750 for USDA Rural Development’s guaranteed loan program and $47,850 for the direct loan program.
USDA Rural Development also provided financing for 451 apartment complexes in rural Iowa. These complexes offer rural residents access to more than 9,100 apartments. Apartment rent is based on income, and rental assistance may be available, depending on the income of the tenant.