Housing funds available for low income families in Haywood

Apr 09, 2014

USDA Rural Development State Director Randall Gore has announced that federal funding is available for housing loans. Applications are now being accepted for the low and very low income citizens in rural North Carolina.

“Our mortgage loan programs are life-savers for so many rural residents who have been unable to purchase their own homes, said Gore.  “USDA Rural Development oversees a $1.2 billion housing portfolio in North Carolina.”

The lack of access to decent, clean, safe and affordable rural housing and difficulties obtaining mortgage credit severely limits options for rural citizens.

USDA Rural Development offers direct and guaranteed single-family housing loans to eligible rural residents.  Applicants may obtain 100 percent financing to purchase an existing dwelling, purchase a site and construct a dwelling, purchase newly constructed dwellings located in rural areas.  Eligibility is based on household income, repayment ability, and credit history.

William Kenney, Program Director, Single Family Housing stated  “The Single Family Housing Direct Loan program helps improve quality of life and economic opportunity in rural North Carolina, serving our most vulnerable residents — low-income families, the elderly, and persons with disabilities.”

For information about the Single Family Housing Direct Loan programs in Cherokee, Clay, Graham, Haywood, Jackson, Macon and Swain counties, please contact: ­­­­­­­­­­­­­­­Sharon Taylor at 828-524-3175 ext. 4 or mail USDA, Rural Development, 195 Thomas Heights Road, Franklin, NC 28734.  The adjusted household income limits for

  • # in Family                                        1             2            3               4                5               6               7                8
  • Haywood                              $30,700    $35,100  $39,450   $43,850   $47,350   $50,850   $54,350   $57,900

The current interest rate is 3.750% and may be reduced to 1% for qualifying households.

The Guaranteed loan program provides homeownership loans through approved lenders. Additional information on the USDA housing programs can be found at the agency website: www.rurdev.usda.gov/NCHousingPrograms.html

President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values.

Further information on rural programs is available at a local USDA Rural Development office www.rurdev.usda.gov/nc or by visiting the USDA Rural Development website at www.rurdev.usda.gov/nc.

Comments (4)
Posted by: Scott Lilly | Apr 09, 2014 17:48

That last paragraph should read, "I'm Barak Obama.  And I paid for this ad."

 

I would appreciate it if someone would explain to me why this isn't the same prescription that got us into the housing market crash.  Making "guaranteed loans" for those that might not qualify with conventional lending methods?  If nobody will lend these people money, why is it a good idea to lend them taxpayer money -- FOR UP TO 100% OF THE VALUE OF THE HOME!  This is EXACTLY what caused the great recession.

 

Fast-forward 10 years.  We have lots of people out there who "own homes" but owe more on their homes than they are worth.  Why?  Because the housing market can go up and down.  If you borrow 100% and the market goes down a little, you suddenly owe more than your home is worth.  Also, some (not all) low-income people don't take care of their homes.  Perhaps they don't have the income it takes to pay the maintenance costs.  The result is the home becomes run-down -- but they still owe what it was worth when it was not run down.  Both scenarios = under water mortgages.  Again we will have foreclosures and people walking away from their debt.

 

And when lots and lots of people have underwater mortgages, the government all of a sudden prints and spends dollars purposefully to devalue the dollar.  Inflation kicks in and the homes people own gradually become worth more dollars while their mortgages stay the same.

 

Someone explain why we're repeating history here!  And someone explain why State Director Randall Gore should not be slapped across the face to snap him out of this insane idea!  Getting people who cannot afford a home into a mortgage is not helping them -- it's setting them up for misery and failure!



Posted by: Charles Zimmerman | Apr 10, 2014 10:34

              Thank you President Obama!

 

              Those that don't recognize the need for such a program and would deny the least of US decent housing based on income, size of family, etc, should not be surprised when a homeless person puts them out of their house.

 

                    C.Z.



Posted by: Allen Alsbrooks | Apr 10, 2014 11:52

Oh, oh. This is awesome!! My family qualifies for this program. The "income" from my business is significantly higher than the limit, but my adjusted household income limit is far below. I'm calling a realtor (R)!!



Posted by: Allen Alsbrooks | Apr 10, 2014 11:53

Sorry... I forgot to praise the Messiah. ::rolls eyes::



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