The USDA Rural Development office has a unique loan program available for Butler County residents who still wish to own a home, according spokesperson Beverly Helton.

The program is for residents who have an adjusted household income of between $26,200 and $49,450 and the property to be financed must be located in a rural area, which includes all of Butler County, according to Helton.

The loan may be used to purchase a new or existing home, build a home, or make improvements to an existing one, she said, and the current interest rate is 4.875 percent.

Ronnie Davis, state director of USDA Rural Development, said the housing program exists to allow Alabamians the chance to fulfill an “American Dream,” namely, home ownership.

“Our mission and goal at USDA Rural Development in Alabama is to provide every qualified applicant the opportunity to become a successful home owner,” he said.

According to the USDA, no down payment is required and financing can be up to 100 percent of the assessed value of property or the maximum amount the applicant qualifies for, whichever is less. Also, depending on an applicant’s income, payment assistance is available and actual monthly payments may be based on an interest rate as low as one percent. Program loans, said the USDA, are generally made for 33 years at a fixed interest rate.

Applicants must also have an acceptable credit history and adequate monthly income to repay the mortgage, including taxes and insurance.

For more information on USDA Rural Development’s homeownership programs, call the Camden office at (334) 682-4116 ext 4. Or visit www.rurdev.usda.gov.