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Outline of Need:
A single mother of two children was concerned she couldn't afford the high payment for the home she wanted in Spring Creek, Nevada. She visited the USDA Rural Development office in Elko for assistance.
How Rural Development Helped:
This was a joint effort between Kelli Pirtle, Community Development Specialist, USDA Rural Development, and Andy Morris, Eagle Home Mortgage. Kelli and Andy worked with the single mother to get her financed through a USDA Single Family Housing Participation Loan, which blends loan funds from a mortgage lender with low-interest loan funds from USDA, making the loan more affordable. Once Andy obtained the approval from his regional office, they began working out the details for the financing.
The Results:
The dream of homeownership has become a reality for the mother and her two children. This was the first home that USDA Rural Development had financed in the Spring Creek community. Before this first leveraged loan, other low-income families didn't believe they could afford the higher commuting cost and homeowner association fees and they decided to purchase mobile homes instead. Since this first loan with Eagle Home Mortgage, three other low-income families have been able to buy homes in Spring Creek with the help of a USDA leveraged loan.
(November 2001)
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