NEWS RELEASE

United States Department of Agriculture • Rural Development

1221 College Park Drive, Suite 200, Dover, DE  19904

Phone: (302) 857-3580 • Fax: (302) 857-3640 • TDD: (302) 857-3585 • Web: http://www.rurdev.usda.gov

 USDA promotes homeownership

            Easton, MD June 25, 2008 – June is National Homeownership Month.  This year’s theme is “Own Your Future!”  Americans are continuing to achieve the dream of homeownership through programs like USDA Rural Development’s Guaranteed Homeownership Program that helps make that dream a reality.

 Marlene Elliott Brown, USDA Rural Development State Director, recognized First Home Mortgage as a leading lender and partner in the guaranteed homeownership program for rural Maryland.  “We are very pleased to have a strong relationship with First Home Mortgage,” said Elliott Brown.  “June is a wonderful time to reflect on the benefits of homeownership and applaud the men and women who work to provide the counseling, lending, real estate, legal and title work, construction and other services to help with attaining the American dream.  Homeownership enables individuals and families to accumulate wealth, stabilizes neighborhoods and promotes healthy communities.”

             First Home Mortgage and USDA Rural Development have been making loans together for the past 11 years.  In 2007, First Home Mortgage, Easton branch office, closed 37 loans; this year, the mortgage company is expected to more than double the number of individuals and families assisted with the purchase of a new home. 

 “It has been such a rewarding opportunity to provide quality financing for homebuyers through the USDA Rural Development’s Guaranteed Homeownership Program,” said Tracy Cohee, Eastern Shore Manager and Mortgage Consultant for First Home Mortgage.  “Over the last 11 years, we have enjoyed a wonderful relationship with USDA Rural Development. This program opens the door for so many homebuyers with limited savings while providing a mortgage payment well below many other loan programs. Buyers are afforded opportunities through this type of financing that other programs simply cannot match. All the while, we have found that these loans perform beautifully, meaning, the homeowner has successfully been able to make their mortgage payments and stay securely in their homes. We embrace and are dedicated to USDA Rural Development’s mission and look forward to a long lasting and healthy relationship in lending. Together we achieve the greatest level of lending by providing the dream of homeownership for those in need.”         

             First Home Mortgage is 1 of approximately 20 lenders across the state who has participated in Rural Development’s Guaranteed Homeownership Program this year.  Altogether, the Easton branch has processed 22% of the total number of loans made state-wide, assisting 63 of 285 new homeowners. 

The Rural Development Guaranteed Homeownership Loan Program is designed to help individuals or families who may fall short of being able to get a conventional loan and are lacking the funds needed for a down payment and other closing costs.  Through the program, a home loan is administered by a local lender who takes the application, processes it and determines the acceptability of the home to be financed.   Rural Development then guarantees the loan, reducing the lender’s risk.  The program provides financing up to 102% of the appraised value of the home, and does not require a down payment or private mortgage insurance, giving lenders an excellent product to offer in their communities to those who need affordable housing. 

 Nationally, Rural Development’s Guaranteed Homeownership Program is having a banner year.  As of May 30, 2008, 34,300 loans have been made to low and moderate income families.   Compared to last year for the same time period, the agency has assisted 14,000 more Americans with safe, affordable housing. 

               USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for all rural Americans.  The agency has a variety of housing programs that can finance new or improved homes for low to moderate income families and individuals who wish to live in rural areas or communities. 

               For more information about USDA Rural Development’s housing, business or community facilities programs, please call their office located in Denton at (410) 479-1202, ext. 4 or the State Office serving Maryland and Delaware at (302) 857-3600.  To learn more about Rural Development visit their website at www.rurdev.usda.gov. 

###

“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, S.W.,

 Washington, D.C. 20250-9410, or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).