Financing Options for Rural Counties

Special Financing for Rural Areas

If you live within one of the many rural counties in Northern Illinois, you may qualify for one of the USDA’s Rural Development financing options.  At HomeStart we can assist you with the USDA’s 502 Direct Home Purchase Loan option.   Some advantages of this program include:

  • No down payment required
  • Below market Fixed interest rate, 33 year loan
  • Potential monthly mortgage assistance for qualified buyers

To find out more, complete a registration packet and return to the HomeStart office.  One of our Housing Counselors will call you to arrange an appointment.   For more information click on the USDA 502 FAQ in the right hand column.

Home Improvement Options for Rural Areas

If you live within one of the many counties in Northern Illinois, you may qualify for the USDA’s Rural Development 504 Repair Loan option.   Some advantages of this program include:

  • 1% interest rate
  • 20 year repayment

Applicants 62 years of age or older, may also qualify for grant funds under this program.  For more information, click on the USDA 504 FAQ in the right hand column.

If you own your home and want to find out more about this program, please call our office at 815-232-6197 or email This email address is being protected from spambots. You need JavaScript enabled to view it..