Kitchen Before Remodeling with an FHA Loan
Farmers Home Administration’s 502 Rural Housing Loans
The family’s annual adjusted income cannot exceed $7,000 for the 502 interest credit loan and $9,300 for the regular 502 housing loan with 8 ½ percent interest rate. FHA lends only to families who cannot acquire loans from other lending agencies, such as banks or savings and loan associations.
FHA also has a 504 loan for repairing homes.
The 1960 housing census revealed that half of the nation’s 6 million substandard units were in rural areas. North Carolina had half a million substandard units in 1960, nearly 10 percent of the total number of substandard units in the nation.
At work in a modernized kitchen.
Before the home lacked a clothes closet.
The closet not only looks better, but garments don't wrinkle and are easier to locate.
Now the couple can relax in their modern home.