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Outline of Need:
Enriqueta Castrellon-Hernandez is a permanent resident alien, having been in Kenai, Alaska, since January 2001. She is a single mother with two children ages two and four. She had been with her current employer since August 2001. Her credit was excellent with very little debt. She wanted a home of her own for her and her children.
Rural Development stepped forward and processed a homeownership loan application for her (learn more about this program). It was determined she had enough income to qualify for a leveraged loan. After discussing the situation with her, she asked to leverage the loan with a local mortgage firm. Everything was going fine, then a complication arose.
The restaurant where Enriqueta worked had been sold, and the new owners cut her hours. Because of the reduction in her income, she no longer qualified for the home she wanted.
How Rural Development Helped:
Rural Development provided her with a direct leveraged home loan and, when her employment situation changed, Rural Development helped her by pursuing a funding option that saved the loan proposal.
Loan Specialist Amy Milburn and Kenai Area Manager Michelle Hoffman turned to the Alaska Community Development Corporation's Home Ownership Program and filed an application with the organization that day.
The Results:
Enriqueta did get the maximum Home Ownership Program funding, and the mortgage company made the loan.
A very happy homeowner indeed, Enriqueta expressed her appreciation when we went to take this picture. She and her children love the house and the neighborhood. Another Rural Development success story!
Pictured: New homeowner Enriqueta Castrellon-Hernandez (left) stands in front of her home with Kenai Loan Specialist Amy Milburn.
(February 2005)
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