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The Ministry of Agricultural Development has funds available for individuals and families with the lowest and lowest incomes who want to buy or repair a country house.
The Direct Home Loan Program provides financing to qualified applicants who do not qualify for traditional financing. No deposit is required and the interest rate can be as low as 1% with the subsidy.
Applicants must meet income and credit guidelines and demonstrate the ability to repay. The program is available in rural communities with an average population of 35,000 people or less.
The maximum loan amount is $40,000 at 1% interest, payable over 20 years, and can be used for home repairs or upgrades and major repairs.
Grants of up to $10,000 are available to homeowners age 62 and older and should be used to address health or safety hazards such as repairing a leaky roof, repairing indoor plumbing, or replacing a furnace.
Reference Source: Pine And Lakes
