A USDA Section 502 Home Loan Guarantee helped the Goetz family secure a bank loan on their rural Kansas home.
In rural areas, financing a home can be difficult. There often aren’t as many lenders serving rural locations as there are in more densely populated parts of the country. Also, some rural lenders may require a larger down payment or a higher interest rate to secure a loan. Fortunately, USDA Rural Development partners with more than 3,000 housing lenders to make sure low- and moderate-income rural families have a chance to enter the housing market.
Through the Section 502 Guaranteed Housing Loan Program, USDA Rural Development backs loans made by approved lenders for the purchase, refinance, renovation, or repair of an owner-occupied residence. The USDA guarantee allows lenders to provide 100-percent financing on a safe, low-interest, 30-year mortgage. Read more »
(L to R) Administrator Trevino; Christine Rutherford, Peoples Bank and Trust; Stefanie Koester, homeowner; Janie Dunning, Missouri Rural Development State Director; Mike Mullen, Equitable Mortgage; Pam Anglin, Missouri Housing Program Director and Corey Husak, Senator Claire McCaskill’s Office. USDA photos.
Tammye Treviño, USDA Rural Development Administrator for Rural Housing Programs participated in a three-day tour throughout Illinois, Iowa and Missouri last month to highlight National Homeownership Month, a time when USDA, its federal partners and members of housing communities all across the country bring attention to the role housing plays in the economy.
As part of this tour Administrator Treviño visited Pilot Grove Savings Bank in Mount Pleasant to recognize the bank for using USDA Rural Development’s Guaranteed Rural Housing program to assist rural Iowans achieve their homeownership goals. Pilot Grove Savings Bank became an approved lender in 2001 and has used the USDA program to assist 70 families in obtaining a home in rural Iowa. Read more »
Left to right – Standing on the deck of Greg Kane’s new residence in the Colorado mountains. Greg Kane, Homeowner; Alan Stephens, Acting Rural Development Housing Chief of Staff; and Colorado State Director Jim Isgar.
Owning a home in the same area where he built his business is a win-win for new homeowner Greg Kane. In early June 2011, Kane purchased his studio condominium at Riverbend, Colorado, through the help of US Bank Home Mortgage and the USDA Rural Development Guaranteed Rural Housing Loan Program. Homeownership was the right answer for Kane’s housing dilemma. Over the past four years as a renter he moved five times. While his relationships with property owners had always been great, it seemed that something always came up. Twice the homes he was renting were sold and the new owners chose to use it as their primary residence. Read more »