June is Homeownership Month at USDA Rural Development and this year marks the 25th anniversary of the agency’s Single Family Housing Guaranteed Loan program. To celebrate, USDA Rural Development is recognizing its top three Fiscal Year 2016 lenders for the program in Utah:
Academy Mortgage Corporation for 145 loans totaling $28.1 million to date
Stearns Lending, LLC for 81 loans totaling $16.2 million to date
Security National Mortgage for 64 loans totaling $13.6 million to date
Each lender received a certificate of award to honor their work and commitment to providing affordable homeownership opportunities to residents in rural Utah with USDA Rural Development.
“Our partner lenders are essential to USDA Rural Development accomplishing its mission,” said State Director Dave Conine, “Not only do they represent a local interest in our communities, our combined effort ensures that our programs reach those who need them most.”
USDA launched the Single Family Housing Guaranteed Loan Program in 1991 to help expand access to mortgage financing in rural areas. USDA provides loan guarantees to lenders if a borrower defaults. This significantly reduces a lender’s risk and increases the lender’s ability to reach potential homeowners.
Since 2009, more than 15,000 rural residents have purchased homes with USDA loan guarantees totaling $2.6 billion. In 2015 alone, 2,240 buyers used the loan guarantees to purchase homes in rural Utah.