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proved lenders.
The agency is authorized to guarantee $100 million for single housing during fiscal year 1991. “A total of $4.9 million has been allotted to Virginia for guarantee this year,” said FmHA state director Lloyd A. Jones.
The new program will allow rural residents to apply for guaranteed loans and will also allow low income applicants to qualify for interest assistance.
“Guarantees can be made for up to 100 percent of the house’s cost,” Jones said.
The loans will be paid over a 30year period with a fixed interest rate and will not exceed the current rate.
Lenders interested in FmHA’s guaranteed housing loan program contact Farmer’s Home Administration at 703-825-4200.
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