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Home loans available
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Send us your news Public Service Announcement Submit Advertising Classified Advertising Issue Archives 21 February 2008 |
Home loans available
Over $126 million dollars of federal guaranteed funding is now available for housing loans in the State of North Carolina, announced John Cooper State Director for the United States Department of Agriculture Rural Development.
The Guaranteed Rural Housing program targets communities with populations up to 25,000 not closely associated with urban areas. To determine if your area is eligible, please visit: http://eligibility.sc.egov.usda.gov. To find the USDA Rural Development office that serves your area or to obtain a list of participating lenders, please call USDA Rural Development at 919-873-2051, or visit our website at: http://www.rurdev.usda.gov/.
Unlike other zero down programs, this is a program with no monthly mortgage insurance and no loan limit. The difference can save a family between $20.00 and $50.00 per month. The maximum loan is determined by the applicant’s income and repayment ability. There is a one-time, two percent (2%) guarantee fee that is due at closing. The fee can be financed into the loan above the appraised value.
These loans are made by lenders, such as banks or mortgage companies, and guaranteed by USDA Rural Development. The loans have a 30-year term and a competitive fixed interest rate.
The USDA Rural Development program is unique, in that it guarantees loans of up to 102% of the purchase price or appraised value without the requirement of mortgage insurance. This feature reduces the payments for borrowers by as much as $50 per moth and allows lower income applicants to qualify. Another safety feature of the program is that the interest rates are fixed for the 30 year term of the loan.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development has invested more than $91 billion since 2001 for equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. More than 1.7 million jobs have been created or saved through these investments. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA’s web site at http://www.rurdev.usda.gov.
Mel Ellis, Director, Single Family Housing, USDA Rural Development adds, “We have stepped up our marketing efforts to potential homeowners, lenders and real estate professionals to let them know that, with our help, safe and affordable fixed rate financing is readily available through this federally backed guarantee mortgage program.”
Fremont Rescue and EMS BBQ
A barbecue chicken dinner sponsored by Fremont Rescue and EMS will be held on Sunday, March 2 starting at 11; eat in, take out, or drive-thru, at the EMS Building on Sycamore Street. Plates will be $6, with half a chicken, potatoes, beans, a roll, and a homemade desert.
The doors will open at 11, and the dinner will go until the food runs out.
Statewide burning ban
Due to hazardous forest fire conditions and the continuing drought, the North Carolina Department of Environment and Natural Resources and the North Carolina Division of Forest Resources have enacted a statewide burning ban.
For further information, visit www.dfr.state.nc.us.Storytime for preschoolers
Preschool story time for children ages 2-5 is held at the Fremont Library on Monday mornings at 10 a.m. Children are invited to come and participate in songs, craft projects, and the reading of fun books.
Fremont Free Clinic
The Fremont People's Free Clinic is held every third Saturday of the month, from 9 a.m. to 12:30 p.m., at 107 Ward Street. Please come fasting if you would like your labs checked. The clinic is sponsored by Duke Med Students, Goshen Medical Center, and your local Fremont Area Health Coalition. Call 242-3126 or 242-8009 with questions.
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Issue of 28 February 2008 Wayne Wilson News Leader Princeton News Leader Email us: |
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