Temple, Texas, Jun 09, 2014 -- USDA Rural Development State Director Paco Valentin and Housing Programs Director Theresa Jordison have recognized seven approved guaranteed rural housing lenders as $10 Million Club lenders. This recognition comes in support of the Agency’s observation of Homeownership Month. To achieve this recognition, recipients must have funded in excess of $10 million loan originations with less than 1% first year delinquency during the past fiscal year. This year, Rural Development in Texas recognizes the following lenders as $10 Million Club Lenders:
· Everett Financial DBA Supreme Lending
· Network Funding, LLP
· Nationstar Mortgage, LLC
· Cendera Funding, INC
· Residential Acceptance Corporation
· Cornerstone Home Lending, INC
· Gateway Mortgage Group
“Thousands of rural Texas households have achieved the American dream of homeownership, made possible with funding through the USDA Rural Development Guaranteed Loan Program and the lenders who promote the program,” said Texas State Director Paco Valentin. “I feel there is no better time to celebrate this achievement than during National Homeownership Month.”
The Guaranteed Rural Housing Guaranteed Loan Program provides moderate income families with access to affordable home ownership in eligible rural areas. Approved Guaranteed Rural Housing lenders provide home purchase financing requiring no down payment and can finance loan closing costs and repairs up to the appraised value.
USDA Rural Development Guaranteed Rural Housing loans are a more affordable alternative to other mortgage loan products that charge monthly mortgage insurance. Other zero down programs charge an upfront mortgage insurance premium that is due at closing, with monthly mortgage thereafter. In comparison, the Guaranteed Rural Housing Program offers a significant savings to borrowers by charging a one-time only guarantee fee that is due at closing, and no monthly mortgage insurance. Without expensive mortgage insurance premiums, homebuyers can qualify for a “better” home, which could mean the additional bathroom or bedroom that they may desire. Loans can be made to purchase new or existing homes that meet Agency requirements. In many cases most of the closing costs associated with purchasing the house can be included in the loan.
The Agricultural Act of 2014 (Farm Bill) makes areas with population up to 35,000 and rural in character eligible for USDA Rural Housing Programs, with certain provisions. Eligible areas can be located at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. For information on this and other USDA Rural Development programs in Texas, visit http://www.rurdev.usda.gov/TX.html.