The USDA Rural Development has recently recognized First Community Credit Union (FCCU) as a top rural housing lender in North Dakota.
“Congratulations to the FCCU Home Loans team. This entire group works hard to get our borrowers into their new homes, and to be recognized by USDA is an honor,” said Mary Radenz, FCCU’s VP of Mortgage Lending.
According to the USDA’s website, the Single Family Housing Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers – so no money down for those who qualify.
Erin Oban, state director of the U.S. Department of Agriculture Rural Development says, “For countless reasons, the dream of homeownership has become increasingly difficult to reach for too many working people, families and seniors living on fixed incomes. Affordability and accessibility of housing is an enormous challenge in many North Dakota communities, but in partnership with USDA Rural Development, these lenders are leading their industry in assisting our state’s most rural residents to find places they can call home."
USDA Rural Development is committed to helping improve the economy and quality of life in rural America. Their programs help rural Americans in many ways, including providing loans, grants and loan guarantees to help create jobs and support economic development and essential services such as housing; health care; first responder services and equipment; and water, electric and communications infrastructure.
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