There may be an upside to the nation's recession that homeowners are missing out on. Those same declining interest rates that are wreaking havoc on Americans' bank and retirement accounts are actually opening the door to stellar loan rates. There's no time like the present for cash-worried homeowners whose kitchens need a little updating to look into home improvement loans. In particular, those in the lowest tax brackets should be eying up the low interest home improvement loans that are currently being offered by the United States Department of Agriculture (USDA) Rural Development program.



According to The Journal-Standard, the money secured from these Rural Developmet repair loans “must be used to improve or modernize homes, make them safer and more sanitary, or remove health and safety hazards.” Those stipulations, however, can be broadly interpreted. Indeed, “eligible repairs include roofing, siding, windows, foundation repairs, kitchen cabinets, septic system, furnace/air conditioning.”

The maximum amount homeowners can request of these loans is $20,000, but that kind of cash will go a long way toward improving the average kitchen. In fact, top-of-the-line custom-looking kitchen cabinets can be scored for well under that price—if one knows where to go for the best deals, of course. A leading manufacturer of kitchen cabinets with a longstanding reputation for the quality one expects, the styles and functionality one wants, all at a price one can afford can steer homeowners in the right direction.

Such a kitchen cabinet manufacturer will offer quality, built-to-order cabinetry 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 the kitchen that fits within the needs of their family and their budget. Kitchen cabinet wood species, finish, storage solutions and moldings will all weigh into the overall cost, but these new Rural Development loans make swallowing the cost of new kitchen cabinets a whole lot sweeter. Indeed, the loan repayments can be spread out over 20 years at only one percent interest.

Homeowners who are looking for something in the low to mid range should consider white/ivory laminate, oak or maple kitchen cabinets. Those who have a little bit more money to play with—and let's face it, a one-percent interest rate is hard to resist—can look into birch, hickory and cherry kitchen cabinets.

Homeowners who are yearning for new kitchen cabinets should't let the “rural” designation in the title of these loans stop them from applying either. 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. Legislation approved a little more than a year ago, however, changed the guidelines and now Freeport is eligible for the program.”

Behind every cloud is a silver lining, and for homeowners who are yearning for new kitchen cabinets, the low interest home improvement loans, particularly those that are now being offered by the United States Department of Agriculture (USDA) Rural Development program, are sterling. If you own and occupy a home, have acceptable credit, are able to repay the loan, and meet low income guidelines, you may qualify for these almost too-good-to-be-true loans.