Mobridge, SD – June 20, 2013 – (RealEstateRama) – Across the country, events and celebrations are underway to recognize the American Dream of Homeownership. In Mobridge, SD the Kelly Martin family is being highlighted for receiving a Rural Development Section 502 Direct Single Family Housing Loan to purchase their home. The family previously was living in a small basement apartment in Kelly’s parent’s home.
“Homeowners are the heart of a community and they take pride in the places they live and work,” said Meeks. “Homewonership provides stability, self-worth, and comfort to individuals who are pursuing the American dream of homeownership,” said Rural Development State Director Elsie M. Meeks. “The Martin family exemplifies the commitment the Obama Administration has made to bring resources to rural America to provide decent, affordable housing to those who need it.”
An important piece of Homeownership Month Celebrations is the recognition of partners who are striving to make homeownership dreams come true. Partners assisting the Martin family: Rural Development provided a 502 direct loan of $78,900 that was leveraged with a $3,500 Homes Are Possible, Inc. (HAPI) silent mortgage, $10,000 Grow SD Silent Mortgage for repairs, $1,000 Grow SD Silent Mortgage for closing costs, and $22,500 Neighborhood Stabilization Program funded through South Dakota Housing Development Authority (SDHDA).
“I’m excited to own my first home. It’s an awesome feeling,” said Kelly Martin, homeowner. “It takes patience and commitment. It is true, goals can be reached if you remain positive, even if you have to take little steps to reach it. It is well worth the time and effort!”
The Agency’s direct loan program allows borrowers to purchase an existing home, finance new construction or repair an existing home. Eligibility is based on household income, which must not exceed 80% of the median income for the area, repayment ability, and credit history. Payments can be based on an interest rate as low as one-percent.
“The Neighborhood Stabilization Program is a housing program that was funded by federal stimulus funds. The program has been an invaluable and flexible resource to provide much needed affordable housing in South Dakota,” said Mark Lauseng, Executive Director SDHDA. “Congratulations to the Martin family in achieving their dream of homeownership.”
“We are so excited for Kelly! She’s really worked hard to make this happen. We’ve been very fortunate to have the partnership of the Rural Development program, the South Dakota Housing Development Authority, and the City of Mobridge in making this and the other homes we’ve done in this area a possibility,” said Jeff Mitchell, Executive Director HAPI.
In South Dakota, Rural Development programs helped 1,409 families to obtain homes or preserve homeownership through making essential repairs that helped them to remain in their homes last year. This fiscal year, the agency is poised to help more families than ever before, with 976 families already assisted to date. South Dakota USDA Rural Development Offices are located in Aberdeen, Mitchell, Pierre, Rapid City, Sioux Falls, Watertown, and Yankton. Please contact our state office at 605-352-1132 for additional information.
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