|Jun 24, 2013 --
USDA Rural Development Helps Single-Parent Family Find a Safe and Healthy Home in Alexandria, Minn.
In Celebration of June as Home Ownership Month
Five years ago, Barb Slavik was looking to refinance her older home in need of much repair. Slavik, a single mother with four children, kept her thoughts on the future and talked to USDA Rural Development about purchasing a newer, safer home for her family.
Thanks to some guidance from her local Rural Development office, a lot of hard work, and careful credit management, five years later Slavik was able to qualify for Rural Development’s direct home loan program and purchase a newer home.
Rural Development’s direct home loan program offers financing to qualified very-low and low-income applicants who are unable to qualify for traditional financing. No down payment is required, and the interest rate could be as low as one percent with a subsidy. Applicants must meet income and credit guidelines and demonstrate repayment ability. The program is available in rural communities of 20,000 people or less in population.
“It was a long road with many ups and downs, but I couldn’t be happier with the end result,” said Slavik. “I often refer people looking to purchase a new home to Rural Development’s housing programs.”
Slavik’s nearly-new home is located in a recently developed neighborhood that she finds more suitable for family life.
June is Homeownership Month, and Slavik’s story of home ownership was one of several recognized throughout the state.
“Rural housing results in rural jobs,” said Colleen Landkamer, USDA Rural Development State Director. “By increasing the number of homeowners in rural communities, you’re increasing the number of people that shop at local businesses and contribute to the regional economy.”
To learn more about Rural Development’s home loan programs, call the area office in Alexandria at (320) 763-3191, ext. 4, or visit www.rurdev.usda.gov/mn.