With the month of June named “National Homeownership Month,” Rural Development officials want the community to know that they are available for assistance and have money to lend. You too can live the American dream of homeownership!

USDA’s RD 502 Direct Loan program provides loan assistance to low income families. The loan is subsidized by the federal government, which lowers the mortgage payment for the borrower.

Currently, the fixed interest rate is 4.875% for a term of 33 years with a loan limit of $140,600. Monthly payment assistance may be available for those who qualify.

Qualifications include:

• Borrower must be at least 18 years old
• U.S. citizen
• Good credit rating
• Demonstrated ability to repay the loan

In addition to National Homeownership Month, June also marks a high point in tornado season in Michigan. Although the tulips are blossoming and the weather is getting relatively nicer, spring often brings some of the most damaging weather Michigan sees all year. Tornados and hail storms often destroy homes and properties—leaving nothing but piles of memories and destroyed dreams in its path.

When it comes to picking up the pieces, homeowners should remember that the USDA Rural Development (RD) also provides affordable financing to those who have lost their homes or suffered damage due to a natural disaster such as a tornado.

While RD grants may not be your first line for funding, RD grants come in handy when financial assistance expires through other programs. In terms of personal assistance, the Rural Development can make loans of up to $20,000 at 1% interest, repaid over 20 years. Homeowners who are at least 62 years old may also qualify for a grant to cover repairs.

Grants and funding is also available to rebuild communities and repair damage to structures such as libraries, childcare facilities, public buildings and fire and police stations.

Non profit corporations and governmental agencies can also take advantage of funding through Rural Business Enterprise Grants. Funds can also be put to use for clean up, rebuilding and repairing industrial parks or commercial areas.

Want more information about the USDA RD lending program? Contact a helpful lender at AmeriFirst today at 800-466-5626 today.

Additional News Articles:

• Port Clinton News Herald
• Heartland Connection

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The 1970’s are back in terms of Federal Housing Administration (FHA) back loans thanks to the zeal and greed of subprime lending and the bionic lifestyle (faster, stronger, better) of the American people. Faster than Steve Austin can run a marathon, Americans wanted things now and they wanted them big. A few years ago, some lenders were more than happy to feed this addiction until…well, you know the story.

Today we’re seeing the past repeat itself, but this time it’s actually a good thing. After recently speaking with a seasoned homeowner, you could see how what’s old is now new again. The former Michigander says, “When my husband and I bought a home in the late 1960’s, early ‘70’s we were biting our nails, worried about getting a loan. We put half down; had nearly perfect credit and we both drew decent salaries. However, back then you didn’t automatically qualify for a loan and you needed to take the necessary steps to secure one.” She adds that she and her husband received a loan, but it was only after a rigorous process.

And that is the scenario many Americans are dealing with now on the heels of drive-through mortgages. In this stressful environment, Americans may have forgotten an old friend that many depended upon years ago—our old pal the FHA insured mortgage.

For many people, being able to secure a home with a 20% down payment simply isn’t a reality. They may have decent jobs and “okay” credit, but haven’t saved the kind of money needed to own a home. That’s why the FHA backed loan program is so important. The Federal Housing Administration (FHA) created a loan “insurance” program that supports borrowers in their quest for home ownership.

Certain FHA approved lenders, like AmeriFirst, are qualified to accept, process, underwrite and close loan applications that are supported by FHA insurance. This program is ideal for:

• Borrowers who have a down payment of less than 20%.
• Those who have suffered bankruptcy or foreclosure can apply for an FHA backed loan two to three years later.
• Lower credit score than what is required to qualify for a conventional loan.
• First time home buyers.

For more information about how AmeriFirst can assist you with an FHA mortgage call us today at 800-466-5626 or complete our easy online application form.

FHA Mortgage Limits from About.com

Reasons Homeowners Love FHA Loans from About.com

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Michiganders are tired. Tired of seeing our state fall behind the rest and becoming poor and less competitive. Tired of saying goodbye to friends and neighbors who no longer have opportunities in our state and have to leave. We’re also tired of waiting for “someone” to do something about it.

Today, we’re tired no more. Because we…you and me…are the one’s who are coming to the rescue. Remember a time when Michigan was an economic leader and led the country in job growth, education and industry? Those days weren’t so long ago…we can regain our strength and return our wonderful state back to the economic giant it once was.

We need everyone’s help…it’s not the democrats or republicans…it’s not just the local politicians or school board members…it’s you. You can make the biggest difference to change our state’s direction.

Together, we can become a supporter of the Michigan Turnaround Plan. We have a list of actions you can take that will directly impact our economy and put Michigan back on the list of Top Ten leading economic states.

At AmeriFirst, we are helping our customers lead the charge by posting The Michigan Turnaround Plan’s Five Step Plan. Follow these steps and in a few years you can tell your children or grandchildren that you were part of a progressive movement that helped to revitalize our great state and provide the fruitful economic conditions that are expected in the future.

Today we begin with Step 1:

Changing The Way We Manage Our Finances

The Plan begins by explaining how state legislature has mismanaged finances. “For the past three fiscal years, Michigan has over-projected revenues, in part due to the lack of sufficient input from a broad spectrum of economic advisors, resulting in chronic budget crisis.” Also, state spending has out-paced population growth due to relying on past fixed budget rates.

What Needs To Be Done?

More oversight and innovation should be executed to control spending and develop a new budget. One way is to form an independent council of public and private sector economists to deliver quarterly revenue and spending. An independent council should also conduct a quarterly survey of a cross-section of Michigan businesses to identify sales and hiring trends.

The law should also be changed to adopt a two-year budget, with budget review for subsequent years occurring at the end of the two year period.

Also, no new program should be adopted unless revenues demonstrate proven growth or other outdated programs are eliminated.

What You Can Do!

Perhaps you can’t start an independent council, but you can do your part by managing your personal finances. At AmeriFirst we stand behind our customers and help them make one of the most important financial decisions of their life—home ownership. How we purchase and manage our home finances plays a major part in putting Michigan back on top.

Ask one of our skilled loan officers about our menu of home loans that can help you own a home or refinance your home. We can help you make home ownership more affordable so you can continue to do your part in your community.

Call us today at 800-466-5626 or complete our easy online information request form.

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