The U.S. Department of Agriculture (USDA) Rural Development Michigan State Director, James Turner, announced the approval of Northern Homes Community Development Corporation (CDC) as a certified Single Family Direct Home Loan packager today.
“We welcome Northern Homes as our first certified loan packager offering assistance to our potential income eligible borrowers. We look forward to this new partnership and working together to make the dream of homeownership possible for all rural Michigan residents,” said Turner. “Building partnerships is a great way for our agency to help meet the challenges faced in rural communities as we work to increase home ownership and other opportunities throughout the state.”
The Single Family Housing Direct Loan program assists income eligible homebuyers in obtaining a 30 year fixed rate mortgage without the down payment or monthly mortgage insurance typically required by conventional lenders.
Last year, over 272 Michigan families became homeowners using the Single Family Housing Direct Loan program. Eligible areas include rural regions and communities under 20,000 in population, and not part of a larger urban area. Northern Homes CDC will offer assistance packaging potential loan applications for borrowers wanting to purchase a home in Crawford, Antrim, Otsego, Cheboygan, Emmet, Charlevoix and Montmorency Counties. Northern Homes CDC’s office is in Boyne City, MI. They can be contacted at 231-582-6436 or by visiting www.northernhomes.org for more information.
Since 2009, USDA Rural Development (@USDARD) has invested $31.3 billion in 963 electric projects that have financed more than 185,000 miles of transmission and distribution lines serving 4.6 million rural residents. USDA also has invested $11 billion to start or expand 103,000 rural businesses; helped 1.1 million rural residents buy homes; funded nearly 7,000 community facilities such as schools, public safety and health care facilities; and helped bring high-speed Internet access to nearly 6 million rural residents and businesses. For more information, visit www.usda.gov/results.