Rural Development in the U.S. Department of Agriculture (USDA) brought June Home Ownership Month to a close by recognizing rural homeowners throughout Minnesota.
Since 2000, Rural Development has helped 28 individuals and families in Carlton County achieve the American dream of home ownership through its guaranteed single-family housing program. Total investment in Carlton County through the program totals $2,949,340.
"We have one of the most successful guaranteed single-family housing portfolios in the nation," said Steve Wenzel, Minnesota State Director of Rural Development. "We're very proud of the work we've done locally in Carlton County. Rural home ownership is a high priority for its communities."
Rural Development's Guaranteed Single-Family Housing (GSFH) loan program is primarily used to help low to moderate income individuals or households purchase homes in rural areas.
Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
ADVERTISEMENT
Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories. Loans are for 30 years.
The promissory note interest rate is set by the lender. There is no required down payment.
Rural Development has guaranteed 12,291 loans and invested over $1.1 billion through the GSFH program since 2001. Minnesota has ranked in the top four in the nation for total dollars invested each year since 2001 and its delinquency rates are far below the national average.
More information on Rural Development's GSFH program can be found at www.rurdev.usda.gov/mn , or by calling 320-235-3540.
