# Presentation: 734600

##                                USDA, Rural Development

**                                   ****504 Repair and Rehabilitation**
**                                 ****Loan Program**

**www.rurdev.usda.gov/me**
**  ****OBJECTIVE**
**Provide assistance to elderly and very low income families in making home improvements, repairs, and modernization**
**  ****ELIGIBLE APPLICANTS**
**          ****Families or individuals who:**
** ****Own their own land and dwelling and need to make repairs or improvements**
** ****Have an adjusted annual family income that does not exceed the very low  income limit for ****	****household size and county where home is located.  Income limits are available at Rural ****	****Development offices and on the internet at:  **
**	****http://eligibility.sc.egov.usda.gov/eligibility/**
** ****Have an acceptable credit history**
** ****Cannot obtain needed credit through conventional sources or other assets**
** ****Are United States citizens or qualified aliens**
** ****Can show repayment ability for the loan**
**ELIGIBLE PROPERTIES**
** ****Must be located in rural areas of Maine.  Based on population, some areas are restricted.  ****	****Descriptions and maps are available at Rural Development offices and on the internet at:  ****	****http://eligibility.sc.egov.usda.gov/eligibility/**** **
**If property is in a flood hazard area, flood insurance will be required for the term of the loan**
** ****Must be a modest dwelling**
** ****Cannot contain an in-ground swimming pool**
**LOAN PURPOSES**
** ****Repair, improve, or modernize single family dwellings**
** ****Closing costs **
** ****Appraisal fee, tax service fee and initial escrow deposit, if required**

## RATES & TERMS

** ****Interest rate 1%**
**Up to 20 years, depending on repayment ability**
**Real estate mortgage on loans of $7,500 or more**
**Title search by an attorney and title insurance required on loans of $7,500 or more**
**Tax escrow required on loans exceeding $15,000**
**Maximum loan amount $20,000**
**FEES**
**Appraisal: ****	****$325, if required**
**Tax Service:****	****$116; on loans exceeding $15,000**
**For more information regarding the Section 504 Repair and Rehabilitation Loan Program visit our web site at ****www.rurdev.usda.gov/me****, or contact the Rural Development Area Office serving your county:**
**	****	**_**State Office**_
**	****	****Michael W. Aube, State Director**
**	****	****Dale D. Holmes, Housing Program Director**
**	****	****967 Illinois Avenue, PO Box 405**
**	****	****Bangor, ME  04402-0405**
**	****	****Tel:  (207) 990-9110**
_**Presque Isle Area Office**_**	****	****	**_**Lewiston Area Office**_
**Richard W. Ireland, Area Director****	****	****Orman Whitcomb, Area Director**
**735 Main Street, Suite 1****	****	****	****254 Goddard Road, PO Box 1938**
**Presque Isle, ME  04769-5015****	****	****	****Lewiston, ME  04241-1938**
**Tel:  (207) 764-4155, Ext. 4****	****	****	****Tel:  (207) 753-9400, Ext. 200**
**Aroostook, Washington, and****	****	****	****Androscoggin, Franklin, Kennebec,**
**Northern Penobscot****	****	****	****and Oxford**
_**Bangor Area Office**_**	****	****	**_**Scarborough Area Office**_
**Raymond S. Roberts III, Area Director****	****	****William F. Bailey, Jr., Area Director**
**1423 Broadway, Suite 3****	****	****	****306 US Route 1, Suite B1**
**Bangor, ME  04401-2468****	****	****	****Scarborough, ME  04074-9774**
**Tel:  (207) 990-3676, Ext. 4****	****	****	****Tel:  (207) 883-0159, Ext. 4**
**Hancock, Knox, Penobscot,****	****	****	****Cumberland, Lincoln, Sagadahoc,**
**Piscataquis, Somerset, and Waldo****	****	****and York**
*Committed to the future of rural communities*
**Rural Development is an Equal Opportunity Lender, Provider, and Employer. Complaints of discrimination should be sent to USDA, Director, Office of Civil Rights, Washington, D. C.  20250-9410, or call (800) 795-3272 (voice) or (202) 720-6382 (TDD)**
**February 15, 2008**