USDA Home Repair Program

RURAL DEVELOPMENT 504 HOME REPAIR PROGRAM

USDA Rural Development provides funding to assist homeowners in making repairs to their home.

EXAMPLES OF COMMON REPAIRS INCLUDE:

Insulation

Roof Repair

New Furnace/AC

Electrical Repairs

Plumbing Repairs

Wheel Chair Ramps

Windows/Doors

Foundation Repairs

Stoops & Handrails

Siding

Walk-in Tub/Shower

Other Repairs

 

Eligibility Requirements:

Applicants must own and occupy the home being repaired. The home must be located in an eligible rural area. Applicants can have cash assets up to $15,000 ($20,000 if 62 years old and older). To receive a loan, applicants must have a reasonable ability and willingness to repay the loan. The adjusted income

of the household must not exceed the amounts listed below based on the household size.

 

MAXIMUM ADJUSTED INCOME LIMITS

Household Size

1

2

3

4

5

6

7

8

Cherokee County

$23,700

$27,100

$30,500

$33,850

$36,600

$39,300

$42,000

$44,700

Crawford County

$22,400

$25,600

$28,800

$31,950

$34,550

$37,100

$39,650

$42,200

Ida County

$22,400

$25,600

$28,800

$31,950

$34,550

$37,100

$39,650

$42,200

Lyon County

$23,400

$26,750

$30,100

$33,400

$36,100

$38,750

$41,450

$44,100

Monona County

$22,400

$25,600

$28,800

$31,950

$34,550

$37,100

$39,650

$42,200

O'Brien County

$23,400

$26,750

$30,100

$33,400

$36,100

$38,750

$41,450

$44,100

Osceola County

$23,500

$26,850

$30,200

$33,550

$36,250

$38,950

$41,650

$44,300

Plymouth County

$26,700

$30,500

$34,300

$38,100

$41,150

$44,200

$47,250

$50,300

Sioux County

$24,750

$28,300

$31,850

$35,350

$38,200

$41,050

$43,850

$43,700

Woodbury County

$22,400

$25,600

$28,800

$31,950

$34,550

$37,100

$39,650

$42,200

504 Loan Terms:

  • Interest rate is 1% over a 20 year term. Maximum loan of $20,000. Monthly loan payment is approximately $4.60 per $1,000 borrowed. The payment on a $7,500 loan is less than $35 per month!
  • A real estate mortgage and title examination will be required if the loan exceeds $7,500.
  • Real estate appraisal required if loan is $7,500 or more and loan plus prior liens against the property will exceed $15,000

 

504 Grant Terms:

  • Grant applicants must be at least 62 years of age to qualify then grant eligibility is based on a combination of income and debt-to-income ratios.
  • The maximum lifetime grant assistance is $7,500.
  • Grants can only be used to repair/remove health and safety hazards.

 

Please contact Brian or Tyler if you think you can utilize the 504 Program!

 

Rural Development • Le Mars Area Office                             Rural Development • Le Mars Area Office Brian Augustine – Rural Housing Specialist                                                               Tyler Koopman - Area Technician Brian.Augustine@ia.usda.gov                                                             Tyler.Koopman@ia.usda.gov

1100 12th Street SW Suite C, Le Mars, IA 51031                       1100 12th Street SW Suite C, Le Mars, IA 51031

Phone (712) 546-5149 x4 • Fax (855) 251-2245                        Phone (712) 546-5149 x4 • Fax (855) 251-2245

 

USDA is an equal opportunity provider and employer.

If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form (PDF), found online at http://www.ascr.usda.gov/complaint_filing_cust.html, or at any USDA office, or call (866) 632-9992 to request the form.