USDA Rural Development aids new homeowner

CHARLESTON -- Ashley Young of Sikeston has recently achieved the American Dream of homeownership due to utilizing USDA Rural Development for financing the purchase of her own home.

Young and her children had been renting but wanted a home that they could call their own. She contacted the local USDA Rural Development office in Charleston and began the process to see if she would qualify for financing. The new homeowner was very pleased with both her home and the loan process. "The process was fast and easy," Young said. "The local office was great to work with and very helpful. My new home is perfect for my family. My son requires physical therapy and we now have room to do his therapy at home. This program has helped to change my life."

"Each year during the month of June we recognize National Homeownership Month," Tracy L. Jordan, Area Specialist at the Charleston office said. "Today we recognize Ms. Young for bettering the future of her and her children. This year's theme, 'Let's Build a Better Future Together,' is represented well in the case of Ms. Young--she is a great example of how individuals and families can achieve their dreams and better their future with the support of Rural Development and other valuable partners."

Through Rural Development's Direct Housing Loan Program, applicants may obtain 100% financing to purchase a home. Eligible applicants can purchase an existing dwelling, purchase a site and construct a dwelling, or purchase a newly constructed dwelling. The purpose of the program is to provide financing at reasonable rates and terms with no down payment. Applications for this program are made directly to a USDA Rural Development office. To be eligible for a Direct Home Loan, applicants must have an acceptable credit history, meet income guidelines for the county they wish to live in, and demonstrate repayment ability for the home they wish to purchase. Those interested in the program are encouraged to contact their local USDA Rural Development office for specifics on eligibility criteria or email RD.MO.Questions@mo.usda.gov.

Rural Development offers two additional programs that support rural homeownership:

* Single Family Housing Guaranteed Loans for moderate-income families. The agency works with private-sector lenders to back the lenders' loans.

*Single Family Housing Repair Loans & Grants help rural homeowners make improvements or repairs. Examples include making homes accessible for people with disabilities or removing health and safety hazards such as poor wiring or plumbing.

Further information Rural Development programs is available by visiting USDA Rural Development's web site at http://www.rd.usda.gov/mo or by contacting Tracy L. Jordan at the Charleston Rural Development office, 831 S Hwy 105, Charleston, MO 63834; by phone at (573) 649-9947, Ext. 4; or by email at tracy.jordan @mo.usda.gov.

USDA, through its Rural Development mission area, has an active portfolio of more than $210 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.

President Obama's historic investments in rural America have made our rural communities stronger. Under his leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way -- strengthening America's economy, small towns and rural communities.