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December 3, 2009

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Fed loans offered for homes in rural areas

Angela Soo

Wednesday, April 4, 2001 | 8:25 a.m.

Before paying a down payment on a house in rural Nevada, homebuyers should check if they qualify for government loans available to low-income residents through the Department of Agriculture's Rural Development Direct Homeownership Program.

People who wish to live in rural Clark County areas may be eligible for a loan of up to $120,650 per household.

"It's all based on the population in each community and the median income level of that rural area," said Kay Vernatter of the Department of Agriculture's Rural Development office in Las Vegas.

A population of up to 20,000 is considered rural. In Clark County, rural areas include, Overton, Logandale, Mesquite, Bunkerville, Moapa, Glendale, Laughlin, Searchlight, Sandy Valley, Goodsprings, Jean and Indian Springs.

The combined household income must be below 80 percent of the median income level of the community in which homebuyers intend to live, which is 20 percent less than what the average rural family is making.

"There are also different tiers for applicants who qualify," Vernatter said.

Prospective homebuyers who fall below the 80 percent margin are offered adjusted payment plans to compensate for their lower income.

For more information, call Nieto at 262-9047 Ext. 112.

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