An Elk Creek family whose home was destroyed in a 2007 fire is among those recognized this week by Rural Development in conjunction with June is National Homeownership Month.
Mary Self and her three children, pupils at the Cabool School District, lost their home, and they received financial assistance from Rural Development in Houston. Self contacted the office to obtain a construction loan to rebuild on their property. Kyle 16; Katie, 13; and Kelly, 12, were involved in the project, and each picked their room from plans before construction started.
David Carroll Construction Co. is the contractor for the home, which is nearly completed.
“USDA Rural Development has helped many rural individuals and families purchase a home of their own and realize their dreams,” said Morris Westfall, state director for USDA Rural Development. “National Homeownership Month will touch the lives of countless Missouri families – giving them the information and hopefully the inspiration necessary to achieve their dream of homeownership.”
“June is a wonderful time to applaud the men and women who work to achieve the dream of homeownership,” Westfall added. “Appreciation is also extended to those that assist by providing counseling, lending, real estate, legal and title work, construction and other services to help with attaining the American dream. The hard work, financial discipline and personal responsibility of our homeowners help transform neighborhoods and reflect the best qualities of rural America.”
In Missouri, Rural Development invested nearly $210 million of financial services for housing last year while assisting nearly 3000 rural individuals or families, Westfall said.
“As we celebrate National Homeownership Month, we’d like to highlight the programs available in providing homeownership opportunities to rural residents,” he said.
Last year, Rural Development partnered with conventional lenders by providing nearly $171.5 million in financial assistance to provide 1,953 eligible applicants adequate housing in rural areas by guaranteeing sound loans that could not otherwise be made without the guarantee. More information is available at http://www.rurdev.usda.gov/mo/grhpage.htm
Contributing to this success in rural areas is the 502 Direct Loan program. The program provides subsidies to make mortgage payments more affordable to help low-income rural Americans who have been unable to obtain conventional mortgage credit to share in the American dream. This program makes home loans available to those with incomes less than 80 percent of the median in their area. A large portion is allotted to those with incomes below 50 percent of median.
The loans require no down payment and feature installments reduced to a 1 percent interest rate level. The goal is to help families, especially first-time buyers, become established in their homes and communities. As household income increases and property equity builds, the loan (including part or all of the assistance received) is repaid.
Additionally, there is another loan and grant program for repairs to assist lower income homeowners. Funds can be used to repair the home they own to remove safety and health hazards such as repairing roofs, heating, electrical and plumbing systems, water and waste disposal, windows, insulation or other similar improvements.
Anyone interested in obtaining information regarding the Rural Development rural housing programs or any other assistance available through USDA Rural Development may visit www.rurdev.usda.gov/mo. They can also contact Karla Frey, Rural Development specialist or Melanie Stewart, Rural Development technician, on South Sam Houston Blvd. in Houston or call 417-967-2028, ext. 3.