Grand Island, Nebraska, Jun 29, 2011 -- USDA Rural Development Nebraska State Director Maxine Moul and staff celebrated National Homeownership Month today in Grand Island, Nebraska with presentations to the Jeff McQuinn family and US Bank. The McQuinns represent the completion of $1 Billion in home loans through USDA Rural Development in Nebraska since 1979.
The McQuinns are homeowners in Wood River, Nebraska thanks to an affordable loan from US Bank backed by a USDA Rural Development guarantee. USDA Rural Development presented the McQuinns with a gift card for landscaping and the bank was presented with a plaque for their partnering efforts in bringing affordable housing to rural Nebraska. This year’s National Homeownership Month’s theme is “Rural Housing/Rural Jobs.”
“Congratulations to Jeff and his family on becoming homeowners,” said Moul. “Investing in a home is an investment in your future and your community. US Bank and Rural Development partnered to bring homeownership to the McQuinns. We look forward to working with US Bank to assist many more households with their housing needs.”
The McQuinns purchased a 1,260 square foot ranch home that features three bedrooms, one and three-quarters bath, and an attached double car garage.
“I am very excited for the McQuinns, and the purchase of their new home. Partnering with Rural Development to provide a loan for the McQuinns was an easy decision for U.S. Bank Home Mortgage. We were able to offer Jeff and his family a great loan that best met their goals. I am looking forward to working with USDA Rural Development again in the very near future” said Mortgage Loan Officer Derek Ledgerwood, US Bank Home Mortgage.
USDA Rural Development has made an unprecedented commitment in providing affordable rural housing for decades and continues this effort. Rural Development reached a milestone on March 18, 2011 by providing more than $1 billion in home loans to more than 19,750 rural families in Nebraska since 1979. 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. However Norfolk and Columbus are also eligible. 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.