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Not everyone has heard of Housing and Community Facilities Programs (HCFP) because they provide funding for a variety of loans in addition to traditional home loans in a city or suburb of a city. The loans they provide start from loans for rural individuals for housing. They also provide funding for rural community facilities, low-income individuals and apartments for the elderly. They provide funding for many different types of loans, including housing for farm workers, child care centers, nursing homes, and schools. In addition, fire and police stations, hospitals and libraries are included. HCFP is funded by the United States Department of Agriculture (USDA). HCFP’s have a loan guarantee program that is similar to FHA or VA loans where they are not actually financing the money. With this type of program a borrower can borrow up to 100 percent of the appraised value of the home they want to buy. Borrowers who qualify for this type of loan can have as much as 115 percent of the median income for the area they live in.
The Housing and Community Amenities Program for Individuals is for:
1) single family rural housing;
2) home renovation and repair;
3) Programs that provide assistance for disabled, low-income rural residents and veterans of multi-family housing.
Then there is the HCFP Direct Loan program that makes it possible for individuals or families to qualify for home loans at affordable interest rates. There are limits on loans made under this program and they vary depending on the area you live in. Also, borrowers using this program must be in the low income range that is less than eighty percent of the median income for their community.
There are many programs that come under HCFP and another one is HCFP Mutual Self-Help Housing Program. This program is meant to help some people build their own homes. These borrowers must be in the very low income range of approximately fifty percent of the average for the area where they live. Borrowers actually build at least one-sixth-five percent not only on their own home but on the homes of other borrowers. in the same category. Of course, there are professional builders who supervise this construction.
There are also HCFP loans for very low-income borrowers to upgrade. These grants or loans can be repaid over a period of up to two years and the interest rate is only one percent. In addition, there is a program of rural development real estate for sale that includes real estate owned by the government and potentially subject to foreclosure.
The HCFP and the USDA make it possible for people who live in rural areas of this country to provide housing for their families. Most of the citizens living in rural areas fall in the very low income group and are given an opportunity to participate in the construction of their own houses with the help of HCFP. HCFP also helps poor families who live in overcrowded multi-family homes and in areas where they actually have to live off the land and grow their own food, etc. If they were not assisted by the HCFP they would not even be able to do this.
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