ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, June 11, 1993                   TAG: 9306110200
SECTION: CURRENT                    PAGE: NRV-14   EDITION: NEW RIVER VALLEY 
SOURCE: 
DATELINE: CHRISTIANSBURG                                LENGTH: Short

RURAL HOMEOWNERS MAY GET FHA LOANS

Rural homeowners needing home repairs or improvements may be eligible for loans or grants from the Farmers Home Administration.

Farmers Home makes loans to very low-income rural residents who own and occupy homes that need repairs to improve, modernize or remove health or safety hazards.

The federal agency also makes grants to remove health and safety hazards to very low-income, elderly rural homeowners aged 62 or older.

The borrower's income is the key to both eligibility and type of assistance.

A very low-income family could receive a loan of up to $15,000 at 1 percent interest for up to 20 years.

To receive a combination loan and grant, an applicant must be 62 years or older and only able to make payments on a portion of the repair costs.

Full grants, up to $5,000, can go to homeowners at least 62 years old and unable to make payments for any home repairs.

To find out more, call the Montgomery-Floyd Farmers Home Administration office at 382-0267, or visit the office at 203 W. Depot St. 


 by CNB