Low-interest rates available for USDA Rural Development home mortgage loans

LINCOLN, Neb. – The U.S. Department of Agriculture Rural Development has announced a decrease in the home mortgage interest rate for its Section 502 Homeownership Direct Loan program. Effective March 1, the interest rate was reduced to 3 percent for home mortgages.

This is the lowest interest rate in two years offered by the agency.

Homeownership opportunities are available under this program with no down payment, and provide for long term, fixed interest rate financing. Applicants must have acceptable credit history and repayment ability. Credit scores of 640 or greater are typically consider...