Is Rural Development Funding as Important in Your State As It Is In Utah?

By
Real Estate Agent with ERA Realty Center

Since a huge portion of the home mortgage loans in our rural area of Cedar City, UT, are funded by Rural Development (RD), I am really hoping that H.R. bill 5003, "The Rural Housing Improvement Act," will pass.  If I understand the bill correctly, I believe this bill is necessary to continue the economic improvement in our country since home sales are a major factor in accomplishing our nation's financial stability.  Are RD loans as important in other states as they are in Utah?

We have been hearing recent urgent warnings from lenders saying the RD guaranteed funds were nearly exhausted and that the program may be without funds by the middle or end of April.  Therefore, when I received emails today from 2 local lenders, SWBC and MGM Financial, explaining that this bill, if passed, would be self-funding, I got on the phone to recommend passage.  Even though the guaranty fee would need to be raised in order for the program to be self-funded, at least the funds would still be available for buyers with nothing down. 

Our local economy is such that these funds are necessary in order for many buyers to qualify for mortage loans for the purchase of their homes.  I love real estate, and I would love to see every person realize the American dream of owning their own home.   No-down Rural Development funds are necessary for many people in our area to be able to hope to own their own home in my opinion.

For help with all of your real estate needs and more information on this type of loan availability, please call Janet's team at ERA Realty Center at 435-865-1019, 800-934-3742, or email naisbitt@infowest.com

Please click on search MLS on www.homesincedarcity.com for your free list of homes for sale including foreclosures, short sales, new construction and other bargain-priced homes available for sale in our area.  Then call Janet Naisbitt-Bagley's team of real estate agents for help with every home and with all of your real estate needs whether buying or selling.  They'll work hard to make your transaction fun and easy.

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Rainmaker
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Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

Janet: Outside of urban areas USDA loans are popular and neccessary here in Iowa.

Apr 14, 2010 04:59 PM #1
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Rainmaker
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Janet Naisbitt-Bagley

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