June is home ownership month. U.S.D.A.'s state Rural Development Director says most people don't realize the impact home ownership has on the rural economies.
Director Stan Gruszynski says Rural Development will back loans for people wanting a home...
"....so it's important to understand that to keep our economy going and to insure that our rural communities are healthy and vibrant, we have to focus on the housing market and make sure people have safe, affordable housing and they can afford to get into that housing...."
In 2013 alone, USDA helped more than 170,000 rural residents become homeowners, investing more than $23.4 billion in loans, grants and technical assistance. Those programs include direct home loans for very-low-income applicants. Guaranteed home loans for moderate-income families and home repair loans and grants are also available. Since the start of USDA’s single-family housing programs in 1949, USDA employees have helped nearly 3.4 million rural residents buy homes.
Gruszynski says USDA often will help back a loan when a financial institution might not otherwise be interested...
"....we'll take a look at the work record and the credit of the prospective borrower and if they seem solid to us, then we will guarantee up to 80 percent of that loan...."
Since the start of USDA’s single-family housing programs in 1949, the federal agency has helped nearly 3.4 million rural residents buy homes.
More information is on the USDA Rural Development website. The state office is headquartered in Stevens Point.