504 Loan/Grant Programs

If you’re a homeowner and your house needs repairs, or modifications to make it accessible to a person with a disability, you may be eligible for assistance through Rural Development.

 
To Qualify for a 504 Loan*:
• Must own & live in your home (for manufactured homes, must also have ownership in the land that the dwelling occupies)
• Gross Income must be below 50% of the county median income (contact RD office  to get the current limits)
• Must have acceptable credit history, and unable to obtain credit elsewhere
• Must have repayment ability 
• Must possess legal capacity to incur the loan obligation 
• Must be a US Citizen or a legal resident alien
 
To Qualify for a 504 Grant**:
• Must own & live in your home (for manufactured homes, must also have ownership in the land that the dwelling occupies)
• Must be at least 62 years of age 
• Gross Income must be below 50% of the county median income (contact RD office to get the current limits)
• Must be incapable of repaying a 504 Loan
• Must be a US Citizen or a legal resident alien
* All 504 Loans are at a fixed 1% interest rate. Term is determined on the borrower’s ability to repay, but not to exceed 20 years.
** Grants are to be used only to remove health
and/or safety hazards.  

If you’re a homeowner and your house needs repairs, or modifications to make it accessible to a person with a disability, you may be eligible for assistance through Rural Development.

 To Qualify for a 504 Loan*:

• Must own & live in your home (for manufactured homes, must also have ownership in the land that the dwelling occupies)

• Gross Income must be below 50% of the county median income (contact RD office  to get the current limits)

• Must have acceptable credit history, and unable to obtain credit elsewhere

• Must have repayment ability 

• Must possess legal capacity to incur the loan obligation 

• Must be a US Citizen or a legal resident alien 

To Qualify for a 504 Grant**:

• Must own & live in your home (for manufactured homes, must also have ownership in the land that the dwelling occupies)

• Must be at least 62 years of age 

• Gross Income must be below 50% of the county median income (contact RD office to get the current limits)

• Must be incapable of repaying a 504 Loan

• Must be a US Citizen or a legal resident alien

* All 504 Loans are at a fixed 1% interest rate. Term is determined on the borrower’s ability to repay, but not to exceed 20 years.      ** Grants are to be used only to remove health and/or safety hazards.