LUMBERTON — The U.S. Department of Agriculture Rural Development announced this morning that federal funding is still available through its Single Family Housing Direct Loan program for eligible low-income residents in Scotland County who wish to purchase or build a home.

No down payment is required.

“The Single Family Housing Direct Loan program helps improve quality of life in rural North Carolina serving low-income families, the elderly, and persons with disabilities,” said Mel Ellis, acting state director.

The Single Family Housing Direct program is open to people in Scotland, Robeson, Bladen, Cumberland, Hoke, and Sampson counties. It offers 100 percent, fixed rate financing with a 33-year term.

Many loans also qualify for payment assistance (subsidy), which can drop the effective loan rate to as low, as one percent, often resulting in a monthly payment lower than the average rent expense for a borrower. Applicants must have a stable source of income, an acceptable credit history and be able to demonstrate repayment ability.

USDA also offers a Single Family Housing Repair Loan and Grant program to eligible, very-low income owners who need to repair their existing home. This is a one-percent fixed rate loan with a maximum term of 20 years. The grant program can help elderly (62 or older), very-low income homeowners offset the cost of removing health and safety hazards.

For information contact the Lumberton office at 910-739-3349 Ext. 4.

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Staff report