East Lansing, Jun 19, 2013 -- USDA Commemorates Homeownership Month in Michigan
Event highlights home loan guarantee, home refinancing programs
EAST LANSING, June 19, 2013 – U.S. Dept. of Agriculture Rural Development State Director for Michigan James J. Turner today commemorated Homeownership Month in Michigan at a closing ceremony in Williamston with Rick Holcomb, president of Mortgage 1, a leading partner in the Single Family Housing Loan Guarantee Program.
“USDA Rural Development’s loan guarantee program has helped more than 61,000 Michigan residents achieve the dream of homeownership,” Turner said. “Through partners like Mortgage 1, more people are able to purchase and keep their homes.”
Mortgage 1 is the leading participant lender in the pilot mortgage refinancing program and is number two in volume of total SFH Guaranteed Home Loans in Michigan.
USDA is providing additional support for rural housing through a pilot program enabling USDA borrowers to refinance their home loans at today’s low interest rates. Introduced in 2012 and expanded this year, the pilot is being tested in 34 states and the Commonwealth of Puerto Rico – areas that were hardest hit in the housing downturn. It has already enabled more than 5,500 USDA-backed homeowners to refinance $750 million in mortgages.
USDA Rural Development has two low-interest, no-down-payment loan programs to help eligible families living in rural areas purchase new or existing homes. Loans, and some grants, are also available to help families make needed repairs to their homes. For more information residents can contact USDA Rural Development toll-free at (888) 771-6993 or online at www.rurdev.usda.gov.
USDA Rural Development State Director for Michigan James J. Turner was appointed by President Barack Obama in 2009. USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).