Population requirement for USDA loan waived in Missouri county

12/23/2011

The tornado that struck Joplin, Missouri, earlier this year resulted in approximately $3 billion in damages, according to Live Insurance News.

However, since census information had the population in Joplin at more than 50,000, it was ineligible for USDA loans.

But because of the extensive damage - and the fact that the population requirement was waived for Hurricane Katrina victims - the USDA recently dropped the area mandate and opened its Rural Development program to single family homes in Joplin and throughout Jasper County, the Joplin Globe reports.

The low-interest loans will be available to those who are buying houses and condominiums or remodeling and repairing a single-family unit.

"There were a lot of resources that have come into to help Joplin," said Janie Dunning, the state director of USDA Rural Development, as quoted by KOAM-TV.  "But with the number of houses and homes that were destroyed this program was absolutely essential to come into Joplin and help more people."

The Globe adds that buyers with up to four family members are eligible if their income is less than $74,050. Larger families can receive assistance as long as their income doesn't exceed $97,750.