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Natchitoches,
Louisiana
NATCHITOCHES, June 18, 2008—Last December, things looked pretty
grim for Emily Garland and her daughter Taylor after fire claimed
their home. On June 18, 2008, USDA Rural Development State Director
Clyde Holloway joined Bank of Montgomery Vice President Allen Kees
to present Emily Garland the keys to her new home.
After December’s house fire, the
community, family, and friends responded to the Garlands’ tragedy by
contributing to a fund established at the Bank of Montgomery by
Emily Garland’s employer, Janice Bolton Realty. This fund enabled
Ms. Garland to reduce the construction loan considerably, and the
Bank of Montgomery worked with USDA Rural Development to provide a
Guaranteed Rural Housing Loan to finance the remainder of the
construction costs.
“Our Guaranteed Rural Housing Program
makes it possible for homebuyers to work with their local lenders to
secure a federally-guaranteed loan,” said Holloway. “Benefits to
the homebuyer include no down payment, 100 percent financing, no
Private Mortgage Insurance (PMI), and great terms."
After the key presentation, State
Director Clyde Holloway and USDA Rural Development Guaranteed
Housing Specialist Ross Maxwell led the group in planting two trees
at the new home to signify a new beginning for the family.
“Rural Development is pleased to be a
part of bringing Ms. Garland home,” said Maxwell. “We value our
partnership with Bank of Montgomery and look forward to many more
new beginnings for area families financing homes through our
Guaranteed Rural Housing Program."
Homebuyer eligibility for USDA Rural
Development’s homeownership programs is primarily based on income,
repayment ability, and acceptable credit history.
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