OBJECTIVE

Provide assistance to elderly and very low income families in making home improvements, repairs, and modernization

ELIGIBLE APPLICANTS

 

Families or individuals who:

Own their own land and dwelling and need to make repairs or improvements

Have an adjusted annual family income that does not exceed the very low  income limit for household size and county where home is located.  Income limits are available at Rural Development offices and on the internet at:  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?Home

Have an acceptable credit history

Cannot obtain needed credit through conventional sources or other assets

 Are United States citizens or qualified aliens

Can show repayment ability for the loan

ELIGIBLE PROPERTIES

 

Must be located in rural areas of Maine.  Based on population, some areas are restricted.  Descriptions and maps are available at Rural Development offices and on the internet at: 

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?Home

 

If property is in a flood hazard area, flood insurance will be required for the term of the loan

Must be a modest dwelling

Cannot contain an in-ground swimming pool

LOAN PURPOSES

 

Repair, improve, or modernize single family dwellings

Closing costs

Appraisal fee, tax service fee and initial escrow deposit, if required