SWEDESBORO NJ, July 5, 2023 - On Wednesday, USDA Rural Development State Director Jane Asselta met with homeowners and representatives of Greentree Mortgage Company to recognize them as Lender of the Year for the Single-Family Housing Guaranteed Loan Program.
“USDA Rural Development is proud to partner with Greentree and connect homebuyers to our housing programs, making the purchasing of a home in rural New Jersey more affordable,” said Asselta. “Homeownership is vital to the health of rural towns and allows families to create stability, grow in their communities, and build generational wealth.”
Greentree Mortgage Company, based in Gibbsboro, New Jersey, was named USDA Rural Development’s Lender of the Year for its efforts to help people become homeowners by utilizing the agency’s Single Family Housing Guaranteed Program. This is the fifth year in a row Greentree has been awarded Lender of the Year for their accomplishments in fiscal year 2022. Last fiscal year, USDA Rural Development provided $4,503,675 in loan guarantees in partnership with Greentree to assist 21 families and individuals to buy homes in New Jersey.
Since partnering with the USDA as an approved lender in 2014, Greentree has assisted 384 families to buy homes, totaling $63,726,476 in mortgages invested in New Jersey’s rural towns.
First-time homeowners John Stevens and Melissa Arguello were featured as part of the recognition effort, as they successfully used the GRH program to purchase their home together in Swedesboro. The couple cited USDA’s assistance as instrumental to being able to afford costs throughout the homebuying process, including a low interest rate and no down payment.
USDA Rural Development’s Single Family Housing Guaranteed Loan Program helps lenders work with low and moderate income households living in rural areas to make homeownership a reality. Potential applicants may purchase, build, rehabilitate, improve, or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders to reduce the risk of extending 100% (no down payment) loans to eligible rural homebuyers.
Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.