Carson City, NV, Sep 20, 2013 -- Credit Repair Opens the Door to Homeownership with USDA Rural Development
Budgeting and Paying Off Debt Pays Off In a Big Way for this Homeowner
Maria Murillo, the Housing Loan Specialist with USDA Rural Development, knew when she met Iva Macias that she was a force to reckon with. The single mom from Elko was determined to provide a stable home for her child after years of sharing rentals.
It was December 2012 when they first met. Macias, 29, had come to the USDA Rural Development office in Elko seeking a low interest USDA Direct Home Loan. Murillo learned that Macias had worked in hair salons for over 11 years, and had been working as the manager at an Elko hair salon.
Iva had worked on clearing past debts, and had earned a good credit rating. She and her 7-year-old daughter were living in a rental in Spring Creek, where Macias sublet a room. Due to Elko’s housing shortage, she was sharing the house with other roommates, and she wanted a stable home for her daughter.
“She had a good employment history and I could tell that she wanted to better herself, “Murillo said. “She had been working about a year and a half for the beauty salon where she was manager, and a year before that at the mine.”
Murillo explained that a solid employment history is one thing that USDA RD looks for in a future homebuyer. “I need to see continuous employment for two years; it could be at different jobs, but it has to be continuous,” she said. “I could also see that even though she had a few past credit issues, she had worked diligently to take care of her debt, which is always important.”
Iva says she knew that her past debt problems would have been a problem with a basic home loan. “I knew I would be paying high interest, I would have to come up with a large down payment; with USDA they helped me and guided me on how to fix my credit, I feel like I am sitting in a really good place now because of that.”
Murillo was happy to help Macias learn about how to apply for a USDA home loan, and even more pleased that she is now a homeowner.
“She was very cautious, and was aware of what she could afford. She had worked hard to resolve some problems, and stuck with it, even though it took some time. I know she will succeed and that makes me feel good,” Murillo said.
Macias is a second generation Nevadan, with lots of family in the Elko region. She has nothing but good things to say about homeownership.
“I love being a homeowner. I know everyone says it is a lot of work, but at least the hard work and sweat goes into something that is your own, not for someone else.”
And to carry on the tradition, her little girl has her own playhouse in the backyard. “She loves it too, now she has her own play house in the back yard, and she is getting the chance to fix it up and paint it for herself. That means a lot to me.”
For more information on the USDA Rural Development Home Program in Elko, visit the Farm Service Center on Silver Street, or call Maria Murillo at (775) 738-8468 Ext. 4. For more information in Fallon, contact Diane Arvizo at (775) 423-7541 Ext. 100. For more information in Las Vegas rural areas, contact Elias Askins at (702) 407-1400 Ext. 113. You can also learn more online at www.rurdev.usda.gov/NVHome.html .
USDA, through its Rural Development mission area, has an active portfolio of nearly $189 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.