STEVENS POINT – U.S. Department of Agriculture Rural Development Acting State Director Dave Schwobe announced today that funding is available for Wisconsin residents to purchase a home without a dow payment through Rural Development’s Direct Loan Program.
“Home ownership should be an achievable dream,” Schwobe said. “In many cases, USDA Rural Development’s Direct Loan Program provides the only way for rural residents to buy a home.”
Financing is available to households that are below80 percent of the median household income for the county. The income limit for most counties in Wisconsin for a one person household is $34,150 and a six person household may earn up to $56,600 and be eligible. Higher income limits may be applicable in some counties. These loans are made directly through USDA Rural Development’s Area Offices. The current interest rate is 3.25 percent but if you qualify for a subsidized rate, your interest rate could be as low as one percent. Monthly principal and interest payments on a $100,000 loan would be$413 plus taxes and insurance. If the household qualifies for a subsidized rate, the principal and interest payment could be further reduced to $297 per month.
Eligibility is based on income, acceptable credit and repayment ability. Properties financed must be modest and located in a rural area. Portions of all counties in Wisconsin are eligible for Rural Development’s housing programs with the exception of Milwaukee County.
“With these low interest rates, purchasing a home may be more affordable than renting,” says Schwobe. “Now is the time to work with our staff and determine if you can achieve your dream of owning a home.”For more information on USDA Rural Development’s Direct Loan Program and to verify if your income and property qualify, please call USDA Rural Development at 715-345-7611 or visit our website at