|ARRA FUNDS ALLOW NEWLY WEDS TO PURCHASE NEW HOME IN MO|
|, May 05, 2010
Outline Of Need: Newlyweds, Charles and Naomi Hess, Randolph County residents, were tired of renting and really wanted to own their own home. They had been paying over $400 a month in rent and decided they could better spend their money buying a home of their own. They had heard about USDA Rural Development housing program through their parents and grandparents, who had applied or had a home loan with the agency in the past. Encouraged by the possibility they contacted the Moberly USDA Rural Development office to see if they would be eligible for the housing purchase program.
How Rural Development Helped: Working through the Moberly Rural Development office, Mr. and Mrs. Hess applied for a direct loan with funds provided through the American Recovery and Re-investment Act. The couple were determined eligible for a loan with no down payment. Real estate taxes and insurance are escrowed and included as part of the monthly payment. Payment assistance reduced the effective interest rate, thus reducing the monthly payment.
The Results: The happy couple has reached the American dream of home ownership, and look forward to many years enjoying their new home.