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Thursday, July 31, 2014

Home ownership efforts recognized by USDA

Sunday, June 18, 2006

SIKESTON - Efforts by two local businesses to help others fulfill the American dream of homeownership earned recognition from the from USDA Rural Development.

Faye Walborg and the Century 21 Premier Realty staff and the staff at First Midwest Bank were presented certificates of appreciation. The presentations were in conjunction with the proclamation that June is Homeownership Month.

Walborg and the Century 21 Premier Realty staff were presented certificates of appreciation by Whitney Watts, Rural Development specialist, and Stephanie Kendrick, Rural Development technician for Scott and Stoddard counties. The recognition was for the outstanding service that Century 21 Premiere Realty provides to clients to find affordable homes and appropriate financing, said Watts.

"Owning a home helps to give families security and a sense of pride, and it is an important part of the American way of life," said Watts. "Century 21 Premiere Realty understands the basics of the Rural Development's single family housing direct and guaranteed programs. They have a way of matching up the housing needs, affordability of payments and using a guaranteed lender when appropriate. The partnership and cooperation from the fine staff at Century 21 Premiere is very much appreciated."

First Midwest Bank was recognized for its partnership with Rural Development's Guaranteed Rural Housing program.

First Midwest Bank utilizes the Guaranteed Rural Housing program to assist individuals and families who may be eligible to become homeowners. With this program, a conventional lender (bank, savings and loan, mortgage company, etc.) actually make the loan and Rural Development guarantees repayment of the loan.

The program allows for purchase of a new home or an existing home. For households that qualify for financing, no money down is required since 100 percent loans are available under this program. Some or all the closing costs may also be included in the loan if they are within the appraised value of the home. Loan payments are based on market interest rates with a 30-year fixed term. Both real estate taxes and insurance are typically escrowed and included as part of the monthly payment.

In 2005, First Midwest Bank was the most active Guaranteed Rural Housing lender in the state of Missouri assisting the local office in issuing over $2.6 million in loan guarantees in Mississippi and New Madrid counties.

Anyone seeking more information about the Rural Development rural housing programs may visit the homepage at http://www.rurdev.usda.gov/mo/, by contacting Kathy A. Cagle, Rural Development manager, 18450 Ridgeview Lane, Dexter, Missouri, 63825 or by contacting the Mississippi County office at 831 S Highway 105, Charleston, MO 63834.