Grand Junction, CO, Jan 11, 2012 -- GRAND JUNCTION, CO, January 11, 2012 – A house is much more than a roof over our heads. Homeownership builds economic stability and over the long term creates potential equity to finance education, business startups, and retirement. Rural Development offers mortgage lenders a user-friendly program to help rural low and moderate-income individuals and families who are not eligible for conventional financing purchase a home. Under this program, USDA guarantees the loan which then allows lenders to make loans to potential buyers without a need for Private Mortgage Insurance (PMI).
The Guaranteed Loan national delinquency rates reflect a healthy program that performs very well compared to other government loan programs. In this impressive field, Colorado is particularly proud of our performance during Fiscal Year (FY) 2011 as the state with the lowest first year delinquency rate, and our inclusion among the top third for lowest total delinquency. Production-wise, during FY 2011 the Guaranteed Program continued to grow and Colorado experienced its best year ever, obligating 1,336 loans totaling over $226 million, or an increase of 14.9% in the number of households assisted over our previous record in FY 2010.
USDA Rural Development Housing Programs Director Jamie Spakow was in Grand Junction today to recognize Unifirst Mortgage Corp as one of USDA Rural Development’s Top Locally Approved Lenders in the Guaranteed Housing Program. “Unifirst’s participation in this program contributed to Colorado’s production and outstanding portfolio performance. Their professional and courteous staff assisted 40 qualified borrowers to achieve homeownership during the fiscal year,” said Victoria Martinez, USDA Rural Development Delta Office Loan Specialist.
“At Unifirst Mortgage, we are always looking for the best loan program for our Homebuyers lending needs. The USDA RD Housing program provides a great solution for our clients who have little or no money to put down on a home. We always have our client’s best interest at heart and always feel confident putting them into this program,” said Stewart Cruickshank
Director of Lender Services. Unifirst Mortgage is celebrating their 25th anniversary of providing home financing in Colorado and has three locations, Grand Junction, Montrose and Denver. For more information and programs available visit www.unifirstmortgage.com
Funding is currently available and interested parties should contact a participating lender. USDA Rural Development's mission is to deliver programs in a way that supports increasing economic opportunity and improving the quality of life of rural residents. For more information on programs available in the Grand Junction/Delta/Montrose area contact the Delta USDA Rural Development Office at (970) 874-5735, ext. 4 or visit www.rurdev.usda.gov/co .