Pickett County family celebrates Homeownership Month

 

June 5, 2009- BYRDSTOWN, Tenn. — Thirty-four years after moving into their home, Russell and Stella Logan realized they may need to rethink where their washer and dryer were placed. As the years passed, the stairs leading down to their basement were becoming more and more difficult to maneuver, while carrying loads of laundry.

 

The couple was referred to the USDA Rural Development Area Office in Cookeville where they worked with RD staff to qualify for an affordable home improvement loan and grant to build a small room off the back of their home. Now the washer and dryer are easily accessible on the main floor of their home.

 

"Having the washer and dryer up here now is such a relief," said Russell. "We really appreciate everything the people at Rural Development did to make it possible."

 

The staff from the Cookeville RD office recently made a visit to the Logans home, this time, to celebrate Homeownership Month with them by planting a tree in their front yard.

 

"It's a great thing when we can help a family qualify for financing on home repairs that meet their needs," said Rural Development Area Director Joe Woody. "Helping people keep their homes accessible and improving safety is an important part of our mission."

 

Rural Development home-repair loans are designed to alleviate unsafe conditions, make repairs or add needed space, as with the Logans. The interest rate on these loans is one-percent and payments may be spread over as much as 20 years to keep the monthly payments affordable. In some cases grants are available for elderly homeowners who need to correct health and safety deficiencies, improve accessibility or alleviate overcrowding.

 

Rural Development also makes home-loans. These may be made without a down payment and eligible applicants may qualify for loan financing up to 100 percent of the appraised value. Depending on an applicant’s income, monthly payments may be based on an interest rate as low as one percent.  Loans are typically made for 33 years at a fixed interest rate, with a maximum loan amount of $136,000 in Pickett County.

 

Eligibility for assistance is based on family income and varies by county. For example, a four person household living in Pickett County with an adjusted household income up to $37,350 may qualify for a low-interest home loan through Rural Development. Rural Development staff will help applicants calculate their adjusted family income and complete the application process.

 

"With all that’s happening in the housing market right now, finding the right home loan for your family and circumstances can be a frightening prospect," said Woody. "Fortunately our Rural Development staff has a lot of experience helping people achieve—and maintain—the American Dream of owning their home, or repairing it; just like the Logans."

 

Rural Development also works with private lenders to increase the number of affordable home loans they make in rural areas by providing a federal guarantee on mortgages for families and individuals with moderate household incomes. Loan-guarantees are also available to private lenders that finance the construction, acquisition or rehabilitation of affordable multi-family rental housing in rural areas. For more information on loan guarantees contact the area office at the number below.

 

USDA Rural Development invests in rural communities through homeownership, community and business development programs. Last year Rural Development assisted more than 678,000 Tennessee families and businesses with more than $435 million in financial assistance through affordable loans, loan guarantees and grants.

 

For more information on Rural Development programs available in Pickett County contact the Rural Development Area Office in Cookeville 931-528-6539 ext. 2, toll free at (800) 342-3149 ext. 1493 or online at www.rurdev.usda.gov/tn.

 

President Barak Obama has declared June National Homeownership Month. To see the President's proclamation, log on to http://www.whitehouse.gov/briefing_room/PresidentialActions/

 

 

###