USDA Rural Development Recognizes Mortgage Network, Inc.
to Highlight National Homeownership Month
This year's theme-Rural Housing/Rural Jobs
Plains, Pa.-June 21, 2011-USDA Rural Development-Pennsylvania has joined a national effort,
conducted in communities across the country, to highlight National Homeownership Month 2011 and the work USDA Rural Development and its lender partners have done to increase homeownership opportunities for rural Americans. Mortgage Network, Inc., was presented with a Certificate of Appreciation for its participation in Rural Development's Section 502 Guaranteed Rural Housing Program . The presentation was made by Beatrice Elliott, USDA Rural Development, to Charlie Daniels, Area Manager, and Karen Bedrin, Underwriter/Operations Manager, accepting on behalf of Mortgage Network, Inc.
"Homeownership is a major part of the foundation for stronger, more prosperous rural areas," said Tom Williams, Pennsylvania Rural Development State Director. "Rural residents continue to achieve the dream of homeownership through programs like the Section 502 Guaranteed Loan program, and it is the partnership of banks like Mortgage Network, Inc. with the program that make it happen," added Williams.
According to the National Association of Realtors, the sale of a median-priced home ($173,000 in 2010) generates $58,529 in economic activity. This includes $15,570 in direct real estate industry impacts, $5,235 in furniture, home furnishings sales, etc. and $9,987 in stimulated economic activity.
New home sales generate even more economic activity, which includes construction jobs and materials.
Rural Development's Section 502 Guaranteed Loan program currently has adequate, available funding to assist eligible low and moderate income applicants in eligible areas to purchase new or existing houses by guaranteeing their loan made by conventional lenders. Loans may be made for up to 100% of the appraised value of the property plus a one-time guaranteed fee of 3.5% of the loan amount that is charged to the lender. No mortgage insurance is required. In Fiscal Year 2010, USDA Rural Development-Pennsylvania guaranteed over $434 million in housing loans.
USDA Rural Development serves as the lead federal agency for rural development needs by offering financial and technical assistance to individuals, businesses and communities. USDA Rural Development programs include funding for day care centers, fire trucks and other community facility projects; the purchase, construction or repair of homes; loans and guarantees to rural businesses to save or create jobs and renewable energy; and loans and grants for water and sewer utility projects.
For more information on programs offered by USDA Rural Development, contact the Pennsylvania State Office at (717) 237-2299, the Wyoming Area Office at 570-836-5111 or visit its web site at www.rurdev.usda.gov/pa.