HURON, S.D. (AP) - A federal home loan program geared to potential buyers in rural communities is now available to South Dakota residents.
The U.S. Department of Agriculture Rural Development home loan program offers 100 percent financing with no down payment required for low and lower income individuals or families at a 3.75 percent interest rate.
State director Elsie Meeks says the loans can help improve the quality of life for South Dakota residents while assisting rural communities grow.
The loans are made directly through the USDA and are offered for a period of 30 to 38 years. The loans can go toward purchasing an existing home or new home construction.
Income qualifications apply and the loan amount is determined by the borrower's repayment ability.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)