|With media reports of lagging economy, a program vital to rural America has reached new records in activity, according to a release by Gregory Bramwell, area specialist with the US Department of Agriculture Service Center in Carthage.
Bramwell reports that the USDA Rural Development on July 1, 2009, announced a record breaking $10 billion in housing loan guarantees approved at mid fiscal year. In the entire fiscal year 2008, only a total of $6.7 billion guarantees were approved.
"Probably one of the most popular loan programs in the USDA as well as in local communities, the guaranteed housing loan program is a boost to local economy with the benefits it provides, Bramwell said.
For the potential homeowner, a no down payment, no private mortgage insurance 30 year fixed rate loan is provided at favorable rates due to the guarantee. For lenders, loans are made and sold, and a loan guarantee is provided. Realtors, sellers and mortgage companies note changes in the program which make easier, streamlined program delivery, what Bramwell calls "a win-win situation."
For more information about the USDA Rural Development guaranteed loan program serving Barton, Dade, Jasper and Lawrence counties in Missouri, contact Bramwell by sending an e-mail here, phone (417) 358-8198, ext. 4, or stop by the office at 416 E. Airport Dr., Carthage. Office hours are 8 a.m. to 4:30 p.m., Mondays through Fridays except for federal holidays.