Many real estate and mortgage experts agree that there are multiple favorable indicators for prospective homeowners.
"Locally, there are many homes on the market," said Debbie Trautner, area specialist for the USDA Rural Development, "so there is a good selection of quality homes available."
Trautner indicated that prices of homes are still relatively low but could soon begin to trend upward. Mortgage interest rates are low which combined with lower house prices, means the buyer gets so much more for their money.
USDA Rural Development may be able to assist low and very low-income households with financing the purchase or construction of a home. No down payment is required and subsidy may be made available to reduce the house payment amount.
Since the financing is so affordable, even low-income households can realize the dream of owning a nice home. In order to qualify, applicants must have dependable income and acceptable credit history.
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For more information on eligibility requirements for this program check out the website at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do .
Residents of Clay, Becker, Hubbard, Mahnomen and Norman counties should call the Detroit Lakes office at 847-9392, ext. 4 or visit 809 9th Street SE, Detroit Lakes, for more information or for an application.
