OCR Text |
Show Raises Loan Limits Farmers Home Administration has raised the income limits for above moderate income rural home ownership loan guarantees from $20,000 to $30,00, according to Reed J. Page, state director for Utah and Nevada. Since the above moderate income guaranteed housing program for rural housing areas was implemented by FmHA at the beginning of fiscal year 1979, only individuals and families with an adjusted income of between $15,600 (moderate-income ceiling) and $20,000 were eligible to participate. Under the program, FmHA makes repayment of up to 90 percent of the loans made by commercial lenders for the construction of single family dwellings in rural areas including towns of a population up to 10,000 and most towns up to a population of 20,000 that are outside of standard metropolitan statistical areas. "Many people in the expanded income range are currently unable to obtain mortgage credit, which effectively prevents them from enjoying safe, decent, and adequate housing" Page said. "This increased financial assistance from FmHA will greatly enhance the quality of their lives." |