Each year the National Homeownership Month has a unique theme. This year's theme is "Now is the Time." With historic low or near record low mortgage interest rates and home prices, the theme heralds good news for real estate buyers.

Credit Opportunities For Farmers And Ranchers

For more than 60 years, USDA has helped rural residents realize their homeownership dreams through guaranteed (by lender partners) and direct loans. Tom Vilsack, Agriculture Secretary, announced May 23, 2012 that the U.S. Department of Agriculture has made substantial, year-over-year gains in expanding credit opportunities for farmers and ranchers even in under our tight credit conditions across the United States. The increase in farm and operating loans has helped improve farmer and rancher productivity, launched new start-up operations, and made sure agricultural opportunities open up for many more Americans.

Rural Development encompasses a robust and active portfolio of over $165 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, farmers, ranchers, businesses, and residents with the intent of improving and sustaining the quality of life in rural areas. Read the full Opportunities Available For Homeowners to Secure Lower Mortgage Rates press release at the Department of Agriculture news room.

Under the new pilot program, the following applies to eligible borrowers:

They must have a current USDA home loan
They must have made their mortgage payments on time for 12 consecutive months
They do not have to obtain new credit reports, property inspections or home appraisals.
Refinanced loans must be at rates below the original interest rate. Terms cannot exceed 30 years
No cash out is permitted to the borrower

Equal Opportunities For Responsible Homeowners

"For homeowners who have kept up on their mortgage, what we want to do is make sure they're able to refinance if they want to so that they can have more income for their family. It's designed for those whose house is underwater but who have kept their mortgage current for the last 12 months." ~ Doug O'Brien, U.S. Department of Agriculture Under Secretary for Rural Development

Credit Opportunities For Single Family Housing Homeownership

Vilsack highlighted reports that in the fiscal year of 2011, approximately 17 percent of Single Family Housing homeownership and repair opportunities were granted to individuals and families that identified themselves as members of minority groups. Over 25,500 of the home loans or home improvement grants or loans obligated (made) by USDA went to homeowners classified within one of our many minority groups. Finance for vital improvements necessary to make their homes decent, safe, and sanitary are available.

USDA Home Help For Limited-Income Families

Having an an active portfolio of more than $165 billion in loans and loan guarantees, USDA helps thousands of limited-income families each year as they purchase or repair homes. USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. The program helps homeowners seek to refinance as well as those individuals seeking to buy a home. A 19-state pilot program for homeowners to get lower monthly mortgage payments was announced June 1. This refinance program is available to rural residents with home loan mortgages issued or backed by the USDA Rural Development.

The focus is on offering affordable and stable lending products for first-time homebuyers in particular. Hopes are that by lowering payments for qualifying homeowners, the program will help boost the economy. In recent years, many limited-income families have proudly gained sustainable homeownership status and enjoy the reality of owning their own dream home.

Highlighting Homeownership Opportunities Across The Nation

Communities across the U.S. take the full month of June to holding events and activities to note our governments accomplishments in providing homeownership opportunities for rural residential real estate communities. Local and USDA officials take time to travel and speak on the benefits of homeownership, sharing information on ways families can become homeowners or refinance their homes to gain lower monthly mortgage payments. Home loan modifications have helped many homeowners avoid foreclosure and stay in their homes by gaining lower interest rates. Our government continues to conduct extensive real estate research and analysis of affordable homeownership programs to effectively strategies ways to increase the availability of affordable housing opportunities in undeserved regions.

Michigan, New Jersey, North Carolina are a few of the 19 states to pilot the program.

Helping Hardworking Creditworthy Borrowers

The U.S. continued endeavors to help middle-class families, create jobs and strengthen the economy have made a significant difference in many rural communities. Loan partners offer loans that save homeowners time and money and help ensure that hardworking, creditworthy borrowers are able to protect their real estate investment and remain in their homes. One news worthy story tell how Theresa Jetland of Ilwaco, Wash., bought her first home. as, a single working mother raising two teenagers. She was able to qualify for buying a home after completing a local program designed to help low-and moderate-income families. Jetland was able to buy a home guaranteed by USDA Rural Development through payment assistance from the Longview Housing Authority.

Rural Housing Guarantee Loan applicants may have an income of up to 115% of the median income for their local area. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. Additionally, applicants must be able to show reasonable credit histories.

Minnesota Office Contact Information:

Mary Colleen Landkamer, State Director
375 Jackson Street, Suite 410
St. Paul, MN 55101-1853
Phone: (651) 602-7800, Fax: (651) 602-7824

If you or someone you know could benefit by being better informed about credit opportunities and the National Homeownership Month, contact Home Destination to learn more. We find answers to all your questions and unique needs to help real estate buyers.

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