The U.S. Department of Agriculture has expanded eligibility for its Rural Development loans to another 100 square miles of Osage and Tulsa Counties.
"We have no down payment requirements on any of our single-family programs. They are fixed rate. Terms are 33 years on our direct program and 30 years on the guarantee," said Oklahoma Single Family Housing Program Director Tommy Earls.
Families making up to $49,000 can qualify for direct loans with a limit of $220,000. Guaranteed loans are limited to what borrowers can repay.
Loans can be used to buy, build or improve a home.
"They could build a house or purchase an existing home. Also, on the direct program, we can use loans to improve the existing home as well, make repairs to make a home decent, safe and sanitary," Earls said.
Sand Springs community leaders asked USDA to redraw the eligibility maps for the program. While the loans aren’t available inside city limits, developments near Sand Springs are now eligible.