Partnerships with Local Lenders Makes 719 Home Loans Possible for Rural Maine Families
BANGOR, June 22, 2021 – USDA Rural Development has announced its top five lenders in Maine. Their work, in partnership with USDA Rural Development, helped 719 families finance affordable homes in rural Maine in the past fiscal year.
Maine’s Top Five Lenders, USDA Rural Development Single-Family Housing Guaranteed Program
(Fiscal Year 2020):
- Residential Mortgage Services, Inc.:231 Loans
- CMG Mortgage: 158 Loans
- Bangor Savings Bank: 141 Loans
- Machias Savings Bank: 105 Loans
- Fairway Independent Mortgage Corporation: 84
Maine Acting State Director Tommy R. Higgins said, “I am pleased to recognize our valued top five housing lending partners in Maine. Their commitment to homeownership means Maine families can finance homes and live, work, and raise their families in the communities they love.”
One such family, assisted through the top lender, Residential Mortgage Services, Inc. (RMS), is the LaRue Family, in Oxford. (See full story, including quotes attached). The family of seven overcame struggles to find affordable housing and with the help of Residential Mortgage Services, Inc., and the USDA Rural Development Single-Family Housing Guaranteed Program, financed the home of their dreams in Oxford. The home is large enough to accommodate the family, and affordable. In fact, their mortgage payment of $869 is less than their former rent payment of $950. And at the end of the day the pride they feel as a result of homeownership is priceless.
Residential Mortgage Services, Inc, (RMS) NMLS#1760, has eight office locations in Maine, with a team of 286. Their mission is to consistently deliver an exceptional home financing experience by educating and simplifying the process for their clients. Contact RMS at 207-775-6105 for more information on how to become a homeowner through these programs.
The Single-Family Housing Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. There is no downpayment required for applicants who qualify. The program helps protect the lender from risk, providing a 90% loan note guarantee to approved lenders.
USDA is a proud partner to all lenders who work with the agency to support rural homeownership. Over the last 30 years, USDA has worked with nearly 4,000 private lenders nationwide to ensure the dream of homeownership is accessible to rural Americans across the country. These partnerships have helped nearly 2 million families and individuals finance homes in rural areas since the Single Family Housing Guaranteed Loan program was created in 1991.
To learn more about USDA homeownership programs in Maine, please reach out to your local lender, or visit https://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs to learn more.
Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, Tribal and high-poverty areas. For more information, visit www.rd.usda.gov. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.
USDA touches the lives of all Americans each day in so many positive ways. In the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.