PURPOSE: ELIGIBILITY: ESCROW OF TAXES & INSURANCE: To provide assistance to very low income  Credit history must indicate a If the applicant’s total outstanding debt to the owners of modest single family homes in reasonable ability and willingness to Agency is greater than $15,000. an escrow rural areas for home improvements to meet your obligations. There is no account must be established. An escrow remove health and safety hazards or to charge for a credit report. account previously established with another make a home accessible for household  Liquid assets need to be considered and lender is satisfactory. members with disabilities. may affect your eligible loan or grant amount. LOAN AND GRANT FUNDS RESTRICTIONS: 504 Loan: Applicants must be under the  For loans, applicants must show a  Cannot assist in new construction very low income limits annually published dependable source of income which is  Cannot make repairs that will not result in by Rural Development. The applicant must sufficient to repay the debt. correcting all major hazards. be able to show repayment for the loan  The property must be owned and  Cannot pay for off-site improvements. requested. Maximum outstanding balance occupied by the applicant. must not exceed $20,000. Documentation of ownership must be HOW TO APPLY: provided. Contact the appropriate loan officer listed in  Loan Rates and Terms:  Applicants with an outstanding federal this pamphlet. An application, budget and 1% interest rate judgment will not be determined release form must be completed and signed. Maximum term is 20 years, and is eligible for a loan or a grant. Two estimates for the work to be done are determined based on ability to recommended. For 504 Loans, a list of credit repay. Property Eligibility: references must also be submitted. Mortgages taken on loans in excess  Must be modest. of $7500  Cannot have an in-ground swimming pool. 504 Grant: Available to very low income homeowners 62 and older who are unable FEES: to repay a loan. The applicant must not be  An Appraisal fee is required for initial “USDA is an equal opportunity provider, able to repay a 504 loan financed over 20 loans greater than $15,000. years. A combination of loan and grant employer and lender.”  A tax service fee will be required on funds may be utilized. The maximum To file a complaint of discrimination write loans in excess of $15,000. lifetime grant amount is $7,500. USDA, Director, Office of Civil Rights, 1400  Recording fees will be paid if a Independence Avenue, S.W., Washington, mortgage is required.  Terms: DC 20250-9410 or call (800) 795-3272 (voice).  Title Insurance is required when the Grant Agreement signed at closing. total debt to the Agency exceeds The agreement states if the home $7,500. repaired with grant funds is sold within three years of the grant  Hazard Insurance must be maintained if approval, the full amount of the Agency debt is greater than $15,000. grant will be repaid.

CONTACT THE RURAL DEVELOPMENT OFFICE SERVING YOUR COUNTY NEW HAMPSHIRE BENNINGTON, RUTLAND, WINDHAM AND WINDSOR COUNTIES CONCORD AREA OFFICE Loan and Grant

BELKNAP, CHESHIRE, HILLSBOROUGH MERRIMACK, STRAFFORD, SULLIVAN AND USDA RURAL DEVELOPMENT Program ROCKINGHAM COUNTIES 28 VERNON STREET, SUITE 333 BRATTLEBORO, VT 05301 USDA RURAL DEVELOPMENT (802) 257-7878 EXT 108 10 FERRY STREET, SUITE 218 CONCORD, NH 03301 MONTPELIER AREA OFFICE (603) 223-6035 ADDISON, CHITTENDEN, FRANKLIN, GRAND ISLE CONWAY AREA OFFICE LAMOILLE, ORANGE AND WASHINGON COUNTIES CARROLL AND GRAFTON COUNTIES USDA RURAL DEVELOPMENT USDA RURAL DEVELOPMENT 89 MAIN STREET, CITY CENTER, 3rd FLOOR 73 MAIN STREET, GRINDLE CENTER MONTPELIER, VT 05602 PO BOX 1020 (802) 828-6012 CONWAY, NH 03818 (603) 447-3318 EXT 200 ST. JOHNSBURY AREA OFFICE

BERLIN LOCAL OFFICE CALEDONIA, ESSEX AND ORLEANS COUNTIES

COOS COUNTY USDA, RURAL DEVELOPMENT 481 SUMMER STREET, SUITE 203 USDA RURAL DEVELOPMENT ST. JOHNSBURY, VT 05819 15 MOUNT FORIST (802) 748-8746 EXT 112 PO BOX 330 BERLIN, NH 03570 (603) 752-1328 Mission Statement: USDA, Rural Visit Our Web Site at Development’s Mission is to Increase Economic Opportunity and Improve the www.rurdev.usda.gov/nh- Quality of Life in Rural America. vtHome.html

(Revised May 22, 2012)

CONTACT THE RURAL DEVELOPMENT OFFICE SERVING YOUR COUNTY

VERMONT Home Repair

BRATTLEBORO AREA OFFICE