Contact:  Kathy Beisner – (302) 697-4333

USDA CAN HELP MORE RURAL FAMILIES BECOME HOME OWNERS

            Camden, DE – March 17, 2004 – Since 1949 USDA Rural Development has been helping rural Americans reach the dream of home ownership, and in 2003, assisted more than 43,000 individuals or families purchase their own, and often their first home, according to USDA Rural Development State Director Marlene Elliott.

            “The Maryland housing market continues to grow and the Bush Administration is committed to making sure this continued growth leads to increased opportunities for more rural citizens to become homeowners,” Elliott said.  “Last year, just in Maryland – we helped over 680 families obtain a home of their own and this year we are committed to helping more!”

            Rural Development has nearly $20 million dollars available this year in Maryland , a 25% increase over lat year’s funding, to help people become home owners.  The home ownership program provides loans that assist eligible applicants to purchase a home located in a rural area with a population of 10,000 people or less at favorable rates and terms.  “The best part of our program is that no down payment is needed,” said Drew Clendaniel, Rural Housing Director with USDA Rural Development.  “Our home ownership program has helped so many people who thought they could not afford a home – graduate from being renters to becoming home owners.” 

            Eligibility to participate in Rural Development’s homeownership program depends on the location – must be in a rural area, the household income, and the cost of the home. The mortgage limits for a sample of Counties are:                 Caroline County - $128,300

                                                            St. Mary’s County - $183,300

                                                            Washington County -    $187,900

Income limits also vary by county and the number of people in the household.  As an example, below are the maximum income limits for a family of two and a family of four to be eligible to participate in the direct home ownership program:

                                                County                         Family of 2                   Family of 4 

                                                Caroline                       $35,150                       $43,900

                                                St. Mary’s                    $46,000                       $57,500

                                                Washington                   $35,150                       $43,900

USDA Rural Development is committed to the future of rural communities and the people who live in rural America .  Anyone interested in Rural Development’s home ownership program or wanting additional information should call the Rural Development State Office for MD and DE at (302) 697-4314.  You can also visit their website at www.rurdev.usda.gov.  TTY users should call (302) 697-4303.

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