USDA Highlights Michigan Partner Housing Lenders

Name
Alec Lloyd
Phone
City
East Lansing
Release Date
Jun 09, 2020

U.S. Department of Agriculture (USDA) Rural Development Deputy Under Secretary Bette Brand today kicked off National Homeownership Month by highlighting USDA’s ongoing role in supporting rural homeownership. President Trump issued a proclamation on May 29 recognizing June as National Homeownership Month.

“Rural communities are rising to the challenge put forth by the coronavirus pandemic,” Brand said. “Under the leadership of President Trump and Agriculture Secretary Perdue, USDA is committed to being a strong partner in building prosperity in rural communities and for the people who call them home – especially those impacted by the COVID-19 pandemic.”

To assist homeowners facing current hardships, USDA is offering payment moratoriums and modified application processes. USDA Rural Development is also working with new borrowers and their lenders to make special accommodations based on local needs and restrictions. For the most up-to-date information on Rural Development’s response to COVID-19, visit rd.usda.gov/coronavirus. Updates are also distributed via Twitter @usdaRD.

“Working with our partner lenders, USDA is helping rural Michigan families achieve the dream of home ownership,” said USDA Rural Development State Director for Michigan Jason Allen.  “Hundreds of lenders have participated in the program and it would be difficult to recognize them all, but I congratulate our leading lenders, Amerifirst Home Mortgage, Flagstar Bank, Polaris Home Funding, and Mortgage 1, on their years of commitment to this program.”

In Fiscal Year 2019, USDA in Michigan invested more than $571 million to help 4,445 families and individuals buy a home. USDA also provided $2.4 million for home repairs to 435 very low-income rural residents.   

Since the guaranteed loan program began in 1991, Michigan has obligated more than 100,000 loans totaling more than $10 billion, becoming the first state in the country to reach either of these milestones. 

USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs 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 areas. For more information, visit www.rd.usda.gov.

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