East Prairie resident recognized for being a successful homeowner

EAST PRAIRIE -- Ruth Morgan, of East Prairie, has a little more money in her pocket these days. After years of making her monthly house payment to USDA, Rural Development, she recently made the last payment and received her loan documents showing "PAID IN FULL". The United States Department of Agriculture (USDA) remains focused on carrying out its mission, despite a time of significant budget uncertainty. The Department recognizes the importance of homeownership in strengthening the rural economy.

Morgan purchased her home in 1984 under the 502 Direct Loan Program. Through this program, homebuyers may purchase a home at a fixed interest rate with no down payment. Some buyers may qualify for subsidies that assist with the monthly payments. Presently the interest rate for this program is 3.125% which is fixed on a 33 year term. Applicants must meet income and credit requirements.

The local USDA Rural Development office recently recognized Ms. Morgan and congratulated her for being a successful homeowner and thanked her for allowing USDA Rural Development to be a part of realizing her dream of homeownership. According to Tracy L. Jordan, Area Specialist at the Charleston USDA Rural Development office, "It has been a pleasure over the years having Ms. Morgan as a customer. It's exciting to see someone's years of hard work pay off."

USDA, its federal partners, members of the housing community and citizens across the country celebrate National Homeownership Month each year to bring attention to the role housing plays in the U.S. economy. This year's theme, "USDA: Bringing Rural America Home," underscores housing's importance to halting the out-migration of rural residents.

In many cases, USDA housing programs are the only opportunity for rural residents to buy a home -- their piece of the American dream. USDA is providing additional support for rural housing through a pilot program enabling USDA borrowers to refinance their home loans at today's low interest rates. Introduced in 2012 and expanded this year, the pilot is being tested in 34 states, including Missouri and the Commonwealth of Puerto Rico -- areas that were hardest hit in the housing downturn. It has already enabled more than 5,500 homeowners to refinance $750 million in mortgages.

Applicants wishing to purchase a home may contact the local USDA, Rural Development office located at 831 S Hwy 105, Charleston, MO 63834 or by calling (573) 649-9947 Extension 4.

For examples of USDA investments in rural communities, please visit Rural Development's interactive web map at http://www.rurdev.usda.gov/RDSuccessStories.html. The map features program funding and success stories for fiscal years 2009-2011.