Sidney, Nebraska, Jun 27, 2011 -- USDA Rural Development Nebraska State Director Maxine Moul and staff celebrated National Homeownership Month today in Sidney, Nebraska with a plaque presentation to Elizabeth Matthews for her achievement of homeownership. This year’s National Homeownership Month’s theme is “Rural Housing/Rural Jobs.”
“I congratulate Elizabeth on her new role as a homeowner,” said Moul. “A home is not only an opportunity for an improved life style, but is also an investment to the family and community.”
Elizabeth Matthews dreamed of becoming a homeowner. However, when her first contract fell through, she saw the dream of homeownership slowly vanish. After taking a short break from house hunting, Elizabeth had a renewed sense of determination and with the help of a local realtor found the perfect home. USDA Rural Development provided Elizabeth with $107,997 in loan funds through the Single Family Housing Direct Loan program. The funds helped Elizabeth to purchase a 1,140 square foot ranch home with a fully-finished basement in Sidney.
“I am very grateful for the USDA Rural Development program. Without it I wouldn’t be a home owner right now,” said Matthews.
USDA Rural Development has been very successful in helping rural Nebraska residents to live the American dream of homeownership. Since 1979, Rural Development in Nebraska has assisted more than 19,750 families in becoming homeowners. March 2011 marked a milestone of more than $1 billion of home loans made by the Agency in the state. For Fiscal Year 2011, USDA Rural Development in Nebraska received an allocation of almost $164 million for financing home loan purchases in rural communities.
USDA Rural Development has two loan programs that provide affordable homeownership opportunities to rural Americans: the Single Family Housing Guaranteed Loan program, and the Single Family Housing Direct Loan program. Both these programs allow for 100 percent financing and affordable rates and terms. Eligibility is based on income, acceptable credit and repayment ability and the property must be located in rural areas with populations not exceeding 20,000 but including Norfolk and Columbus. USDA uses sound underwriting criteria to ensure borrowers are able to repay their loans. By doing so USDA Rural Development is helping to keep people in their homes. You can visit the Agency eligibility website at http://eligibility.sc.egov.usda.gov to determine if you are within the established income limit based on the size of household and county and if the property is located within an eligible area.
Housing not only provides a safe home for families, but also generates economic activity through construction jobs and results in direct real estate industry impacts relating to Realtors, banks, title companies, insurance, home furnishing sales, etc. Housing supports communities through an increased tax base and provides an available workforce. Available housing is important in bringing businesses to a community and provides a place “where jobs sleep” and allows families to live in communities where they work, and reduce energy costs.
Households interested in homeownership opportunities may contact their local USDA Rural Development office which can be located at: http://www.rurdev.usda.gov/ne/Contact_Us.htm. Visit www.rurdev.usda.gov/ne for additional program information.