COLUMBIA, MO (KFVS) - USDA Rural Development has partnered with local lenders to extend 100% financing opportunities to rural individuals and families in Missouri.
USDA Rural Development Missouri State Director Janie Dunning acknowledged the importance of lender partnerships to the success of the Guaranteed Rural Housing Loan Program.
In Fiscal Year 2016, 4,927 Missouri families purchased homes through the program, resulting in an investment of $573,979,543 in rural communities throughout the state.
"Partnerships with local lenders are essential to our ability to help Missourians achieve their homeownership dreams," said Dunning. "These lenders have made a valuable contribution to the development of rural areas. Without their willingness to participate in the GRH Program, many people may have not been able to purchase a home. We appreciate the many lenders utilizing our Guaranteed Loans across all programs."
The federal government agrees to "guarantee" the loan, therefore reducing lender risk when making mortgage loans. The end result is more buyers achieving the dream of homeownership with affordable and attractive terms with assistance from Rural Development.
Over 70 lenders participate in the Guaranteed Rural Housing Loan Program in Missouri. These lenders work closely with applicants in rural communities to purchase homes to shelter their families.
Further information on rural programs is available by visiting the USDA Missouri Rural Development website here or by contacting your local Rural Development office.
USDA, through its Rural Development mission area, has an active portfolio of more than $214 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.