USDA Purchase Repair Program
Through its participation in the USDA Rural Development Single Family Housing Direct Loan and Self-help Housing Purchase and Repair programs, FWI is able to assist qualified income individuals and families in obtaining a loan to achieve their dream of homeownership. USDA 502 Direct Loans may be used for construction, purchase, repair and/or rehabilitation of existing housing in rural areas – parts of Cumberland and Gloucester Counties and throughout Salem County. To be eligible, applicants must meet the income limits, adjusted for household size for the County and metropolitan area where the property/house is located. Income limits are currently $48,300-102,050 for Salem and Gloucester Counties; and $36,700-$77,500 for Cumberland County. These low interest rate Purchase Repair Program home loans require little to no money down, offer monthly mortgage payments based on income, and can combine the house purchase price and repair costs into one loan.
Click here for a preliminary application.