There may be an advantage in the nation’s recession that homeowners are missing out on. Those same falling interest rates that are wreaking havoc on Americans’ bank and retirement accounts are actually opening the door for stellar loan rates. There’s no better time than the present for money-conscious homeowners whose kitchens need a little updating to look into home improvement loans. In particular, those in the lower tax brackets should be on the lookout for low-interest home improvement loans currently offered by the United States Department of Agriculture (USDA) Rural Development program.
According to The Journal-Standard, the money obtained from these Rural Development repair loans “should be used to improve or modernize dwellings, make them safer and more sanitary, or eliminate hazards to health and safety.” Those stipulations, however, can be interpreted broadly. In fact, “eligible repairs include roofing, siding, windows, foundation repairs, kitchen cabinets, septic system, furnace/AC.”
The maximum amount homeowners can borrow from these loans is $20,000, but that kind of cash will go a long way toward upgrading the average kitchen. In fact, top-of-the-line custom-look kitchen cabinets can be scored well below that price, if one knows where to go for the best deals, of course. A leading manufacturer of kitchen cabinets with a long-standing reputation for the quality you expect, the styles and functionality you want, all at a price you can afford, can point homeowners in the right direction.
Such a kitchen cabinet manufacturer will offer quality custom-built cabinets for every budget. Customers can expect a wide selection of kitchen cabinet door styles, optional storage solutions, and decorative enhancements that allow them to customize their kitchen to fit their family’s needs and budget. The wood species of the kitchen cabinets, the finish, the storage solutions and the moldings will all weigh in on the total cost, but these new Rural Development loans make the cost of new kitchen cabinets much more pleasant. In fact, loan repayments can be spread over 20 years with interest as low as one percent.
Homeowners looking for something in the low to mid range should consider maple, oak, or white/ivory laminate kitchen cabinets. Those who have a little more money to play with—and let’s face it, a one percent interest rate is hard to resist—can look at birch, hickory, and cherry kitchen cabinets.
Homeowners yearning for new kitchen cabinets should also not let the “rural” designation on the title of these loans deter them from applying for them. The Journal-Standard reports: “Until recently, homeowners in the city of Freeport did not qualify for the rural development program because Freeport’s population was too large. However, legislation passed just over a year ago changed the guidelines and now Freeport is eligible for the program.
Behind every cloud is a silver lining, and for homeowners yearning for new kitchen cabinets, low-interest home improvement loans, particularly those now offered by the United States Department of Agriculture’s Rural Development program (USDA), they are excellent. If you own and occupy a home, have decent credit, can afford the loan, and meet low-income guidelines, you may qualify for these almost too good to be true loans.