Rural Home Ownership

Rural Home Ownership

Rural Home Ownership. I'm Greg Martin with today's Line On Agriculture.

Our son just bought his first home. It was something he wanted to do before turning 30. A lot of young people are looking to do the same and in rural areas it can be challenging.

HERNANDEZ: We have products, initiatives and partners who are trying to educate our rural Americans that they can find a way to open the door to home ownership.

That's Rural Housing Administrator, Tony Hernandez who says USDA Rural Development has a number of programs in its tool chest and assistance to support rural homeownership.

HERNANDEZ: One, we're gong to give you probably the name of a home buying councilor because it would be real good for you to spend some time with that person. Making sure your credit is ready because sometimes people are ready to buy a home but maybe not ready to pay for it yet

Hernandez talks about some of the specific programs USDA is offering.

HERNANDEZ: The 502 Guarantee. What we do is we guarantee that loan to provide an incentive for lenders to offer that product for our customers. The next is called our 502 Direct program. That's where USDA is the lender. We offer the product directly.

And there is also something called a Sweat Equity loan.

HERNANDEZ: Those are very low income folks at about $15-thousand dollars to be able to buy a home. The nice thing about that product they actually help build their own home. You know when you buy a house it's not just a building, it's a home, it's a place you raise your family, you retire there. You actually use it because you are trading wealth. That's why we use the phrase, because that house becomes something you will use forever.

That's today's Line On Agriculture. I'm Greg Martin on the Ag Information Network.

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