Sunday, September 15, 2013

Department of Agriculture invests more than $132M in rural Nevada housing

Department of Agriculture invests more than $132M in rural Nevada housing



The Guaranteed Home Loan Program provides a guarantee to private lenders who make the mortgage loan. The program provides 100 percent financing and works well in concert with other programs, such as Nevada Rural Housing Authority’s mortgage credit certificate, or 4 percent down payment assistance program.

The Guaranteed Program’s partnership with mortgage lenders, brokers, and other state agencies is key to the program’s success, he said.
“The Guaranteed Program supports a significant revenue stream within the realty business in the state,” Brewer said. “We work closely with lenders to make sure the program is working for them, and they are happy to be able to show moderate income homebuyers a loan with 100 percent financing.”
“Although the 2 percent origination fee was already in place and can be rolled into the overall mortgage, the annual 4/10 of a percent fee on the remainder of the mortgage has helped make the program sustainable for the long term,” Brewer said.
For information, visit the my Kentucky USDA Rural Development website at www.kentuckyusdaloan.com or contact tme at  at (502) 905-3708