MT. LAUREL, Jun 09, 2011 -- USDA Rural Development State Director Howard Henderson announces Franklin Bank located in Woodstown, New Jersey has recently been approved to participate as a nationwide lender in the Rural Development Single Family Housing Guaranteed Loan Program.
Rural Development works with approved mortgage lenders/banks to guarantee loans which provide funding opportunities to low and moderate income applicants in eligible rural areas. These approved lenders underwrite and service Guaranteed Rural Housing loans. Most loan guarantees issued by Rural Development are 90% of the amount of the loan.
“The Single Family Housing Guaranteed Loan Program has been around since 1991,” said Henderson. “This program provides additional lending opportunities for future homeowners in rural areas throughout New Jersey.” Last year, Rural Development in New Jersey assisted over 750 rural households totaling over $133 million achieve the dream of homeownership.
For additional information visit the Rural Development web-site at: www.rurdev.usda.gov/nj or contact a local area office.