Thursday, July 9, 2009
Rural Development celebrates homeownership
June is National Homeownership Month.
USDA Rural Development is participating in this annual event by recognizing new homeowners in the area. Our new homeowner did not want her name in the paper but she received her home loan under Rural Development’s Direct Loan Program.
This loan, in conjunction with assistance through the City of Holly Springs, enabled the owner to get into a new house.
The maximum adjusted income limits for this program is based on the size of the household. For example, income limits for one person in the household is $25,950, for two persons is $29,650, for three persons is $33,350 and for four persons is $37,000. This loan requires no down payment or mortgage insurance and a loan can be made up to 100 percent of the property’s value.
USDA Rural Development’s mission is to increase the economic opportunity and to improve the quality of life for rural residents. One way in which Rural Development improves quality of life for rural residents is through its Single Family Housing Program.
This program provides loans to eligible low and moderate income households to purchase or build a new home. In 2008, USDA Rural Development provided home ownership loans to more than 72,000 rural households and this number is expected to be substantially increased in 2009.
A total of $3.4 million dollars was loaned in Marshall County in 2008 to assist 32 new homeowners to purchase or build a home.
Anyone interested in this program may contact the USDA Rural Development at 2606 West Oxford Loop, Oxford, MS 38655 or call 662-234-8701, Extension 4.
Information can also be obtained from Rural Development's website at www.rurdev.gov.
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