Acting Assistant to the Secretary for Rural Development Joel Baxley today kicked off National Homeownership Month by highlighting USDA’s ongoing role to help residents of America’s small towns and cities purchase homes in rural areas.
“Homeownership provides a strong foundation for hard-working people to build household wealth and climb the ladder of prosperity,” Baxley said. “By helping rural Americans achieve the dream of homeownership, USDA is supporting benefits that extend far beyond the home, resulting in stronger, more prosperous rural communities.”
USDA Single Family Housing programs have served more than 4.4 million families in rural America since President Truman signed the Housing Act in 1949. Throughout June, USDA employees will celebrate National Homeownership Month with events across the Nation that demonstrate USDA’s commitment to provide access to affordable housing for rural Americans.
Rural Development has several programs that support rural homeownership, including:
Direct home loans for very-low and low-income applicants. Borrowers may qualify for program benefits that reduce their payment to the equivalent of a one percent rate.
The 504 Home Repair Program provides 1% loans for very-low income families to make repairs to their homes.
The 504 Home Repair Program provides small grants for seniors, 62 or over, to help them improve access to their homes and remove health and safety hazards such as poor wiring or plumbing.
Guaranteed home loans for low-to moderate income rural homebuyers with zero down payment required. Partnerships with private-sector lenders allow rural families to buy modest homes and is the key to opening up private-sector homeownership opportunities.
In FY18, USDA’s Rural Home Loan program in Nevada invested nearly $114 million in home loans for 541 Nevada families to buy a home of their own and provided $40,742 in home repair funds to five very low-income residents. Of the loan funds, $110 million was in the form of loan guarantees to private lenders to support mortgage activity in rural areas.
With offices in Carson City, Elko and Las Vegas, USDA Rural Development staff can help homebuyers understand application procedures for both the Direct Home Loan and Guaranteed Rural Home Loan programs. Information online at www.rd.usda.gov/nv or call (775) 887-1222 Ext. 4754.
In honor of Homeownership Month, USDA Rural Development staff will be presenting information and workshops to real estate professionals across the state to promote understanding and use of the USDA Rural Home Loan Program. If interested, contact Rural Housing Program Director Jeff Glass at (775) 887-1222, Ext. 4755.
Mesquite: Tuesday, June 4, 2019, 10 a.m-12 p.m. - USDA Direct Home Loan Homeownership Training at ERA Brokers in Mesquite, 1155 W. Pioneer Blvd. #104. Call (702) 407-1400 Ext. 6007 for more information.
Reno: Tuesday, June 18, 2019, 11:30 a.m. - Greater Nevada Mortgage will hold a Lunch and Learn at Reno Sparks Association of Realtors, 5650 Riggins Court, Suite 200, Reno, NV 89500. Come learn how USDA’s Rural Housing Program can work together with the Nevada Rural Housing Authority’s Home At Last Program and Down Payment Assistance Program.
Winnemucca: Thursday, June 20, 2019, 2 p.m. and 5:30 p.m.– 747 S. Grass Valley Road, Winnemucca. Nevada State Bank is hosting USDA Rural Development staff to present information on mortgage and business loans. Call the Winnemucca branch of Nevada State Bank at (775) 393-2325 for more information.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. With a portfolio of $225 billion, this agency's assistance supports infrastructure improvements; business development; homeownership; community services such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov/nv.