Low-income families may now apply for Rural Housing loans to finance their housing needs in Tooele, according to E. Lee Hawkes, Utah director of the Farmers Home Administration.
Tooele has not been eligible for such loans in the past, Hawkes said. Home ownership loans, he said, may be used to buy, build, improve, repair or rehabilitate rural homes and related facilities and to provide adequate water and waste disposal systems.Homes must be modest in size, design and cost, but adequate to meet the family's needs, he said.
Loans may be made for up to 100 percent of the FmHA appraised value of the site and the home. The maximum repayment period is 33 years and the interest rate will usually be the rate in effect at the time the loan is approved or closed, which ever is less.
Applications may be made to the Midvale office, 7235 S. Third West, or by calling 524-4370. A special office is also open in Tooele on Wednesdays from 10 to 11:30 a.m. at the Executive Plaza Building, 7 S. Main.