Local lender recognized by USDA program
June is National Homeownership Month, and Metz Banking Company of Nevada has been recognized for their commitment as lenders to the U.S. Department of Agriculture Rural Devel-opment Single Family Housing Guaranteed Loan Program. "Their partnership with Rural Development has made the American Dream a reality for deserving families. Metz Banking Company's commitment to excellence has been recognized as a lender success story for National Homeownership Month," a press release said.
The Guaranteed Loan Program is a no down payment loan with a fixed interest rate for 30 years. Eligible applicants are limited to low to moderate income persons. Vernon County annual adjusted income limits for families of one to four persons are limited to $73,600 and families of five to eight are limited to $97,150.
In support of the "Preserving Home Own-ership," theme of the National Homeownership Month observance, an emphasis will be given to the 504 programs offering loans and grants for repairs to assist eligible lower income homeowners. Funds can be used to repair the home they own to remove safety and health hazards such as repairing roofs, heating, electrical and plumbing systems, water and waste disposal, windows, insulation or other similar improvements.
Also, contributing to this success in rural areas is the 502 Direct Loan program. The program provides subsidies to make mortgage payments more affordable to help low-income rural Americans who have been unable to obtain conventional mortgage credit to share in the American dream.
This program makes home loans available to those with incomes less than 80 percent of the median in their area. A large portion is allotted to those with incomes below 50 percent of median.
The loans require no down payment and feature installments reduced to a one-percent interest rate level.
The goal is to help families, especially first-time buyers, become established in their homes and communities. As household income increases and property equity builds, the loan (including part or all of the assistance received) is repaid.