Families in Guam now have another resource available to help them purchase a home. Coast 360 Federal Credit Union was approved to participate in USDA Rural Development's Guaranteed Home Loan program and offer mortgage loans to eligible rural home buyers in Guam. The announcement was made today by USDA Rural Development State Director for Hawaii and the Western Pacific Chris Kanazawa.
"USDA Rural Development is working on a regional basis to build networks of strong, self-sustaining rural communities," said Kanazawa. "Our partnership with Coast 360 Federal Credit Union will expand our capability to reach out to more eligible families in Guam and help them realize their dreams of becoming homeowners."
USDA Rural Development's Guaranteed Home Loan program partners with lenders, such as Coast 360, to help eligible families and individuals buy a home. Through the program, lenders offer mortgages up to 30 years with a fixed interest rate and do not require a down payment or mortgage insurance. USDA Rural Development then works with the lenders to guarantee a portion of the loan against loss.
"Becoming a USDA Guaranteed Housing lender allows us to make homeownership a reality for more of our lower income as well as the community at large," said Coast 360 Federal Credit Union Chief Executive Officer Richard Northey.
Since the beginning of the Obama Administration, USDA Rural Development's Guaranteed Home Loan program has assisted over 200 families purchase a home in Guam.
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Vilsack are committed to a smarter use of federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.