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Culpeper said that the previous limit of $160,100 was barely sufficient to cover the current cost to purchase of a modestdesigned home in Rappahannock County. After submitting a market analysis to the Rural Development Office in Richmond, authority was granted to increase the loan limit to $172,600. This increase will greatly expand the possibilities of the people in Rappahannock County trying to become homeowners under the Rural Developments application process. The other counties served by this office have also' increased. Both Madison and Orange Counties have also increased to $172,600, Culpeper County has increased to $290,300 and Fauquier County has increased to $312,800.
The Rural Development, a mission area of the United States Department of Agriculture, provides financing to low and moderate income families to finance the purchase of a home. Mr. Knewstep said Rural Development mortgage programs provides up to 100 percent financing at very affordable rates by using either Rural Development’s direct government loans or guarantee mortgages in order to make the American Dream of owning a home a reality for rural residents.
For more information on these programs of Rural Development, contact the Rural Development office in Culpeper, VA at (540) 825-4200 ext. 4. Rural Development is an equal opportunity employer and provider. If you have any questions, please call our office at (540) 825-4200 Ext. 4.
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