USDA, RURAL DEVELOPMENT
51 Cheney Rd., Suite 2, Woodstown, NJ 08098
Subsidized Mortgages Available to Low and Very Low Income Families
MAXIUMUM LOAN AMOUNT:Rural Development can lend up to 100% of the value of the property as appraised by this agency, not to exceed the maximum dollar limitation of Section 203(b) of the National Housing Act.
CURRENT INTEREST RATE:
PAYMENT ASSISTANCE:Borrowers may be eligible for a non-cash credit, which may reduce their scheduled payment to a level equivalent to amortizing the loan to as low as 1%. Any Payment Assistance received by a borrower will be subject to repayment by the borrower when the mortgage is released, when the loan is assumed by another person, when the property is sold, or when the borrower no longer occupies the dwelling.
1% Fixed Rate Home Repair Loans
PURPOSE: To provide a 1% repair loan to homeowners in designated rural areas with a household income below the very low-income limit for the area.
Family Size Very Low Low Income
1 Person $21,050 $33,650
2 Person $24,050 $38,450
3 Person $27,020 $43,250
4 Person $30,050 $48,100
Salem County Entire Area
Camden County Portions of Winslow, all of Chesilhurst, and Atco
Gloucester County Clayton, Mantua, Franklin Twp, Monroe Twp, Newfield, E. Greenwich Twp, Elk Twp, Greenwich Twp, Harrison Twp, Logan Twp, Paulsboro, S. Harrison Twp, Swedesboro, Woolwich Twp.
USDA is an Equal Opportunity Lender, Provider, and Employer.
Complaints of discrimination should be sent to:
USDA, Director, Office of Civil Rights, Washington, DC 20250-9410.