USDA’s Rural Development Program helps working families achieve their dream of homeownership nationwide. Nationally, they sponsor $1 billion in home loans each year.
“The rural housing program is designed to help rural residents move into homes,” said Jeffery Glass, housing program manager for Nevada. “Homes really stabilize families and that’s our mission, to bring families into homes so we can help stabilize families across the country.”
The program helps potential owners who have nowhere to go.
“Our direct program is a great program to help low-income families settle into homes,” Glass said. “We have a grant that can help them qualify for a house that in most cases. If they went to a bank, they couldn’t qualify. Our program is not to compete with those programs; we we really are the lender of last resort, so if a family is unable to secure financing through a bank, they can come and talk to us.”
The program has certain standards.
“We’re looking for stable, reliable income,” Glass said. “Something that shows they’ve been earning that income for a while and they’ll be able to make a payment on a house instead of getting in trouble. We’re looking at all of those things to make sure we don’t put not someone in a house that can’t afford it, but you’d be surprised who can qualify for a house.”
Most of Nevada is considered rural, so smaller counties are all eligible for this program, as well as parts of Washoe County like Cold Springs and Washoe Valley. This is a fixed rate deal that helps buyers get into a home with no down payment.
Interest rates are very low,” Glass said. “Our interest rate is currently 3.5% and the down payment is 100% financing, no down payment required.”
It’s a program that helped the Gutierrez family move into their Dayton home nine years ago. For years, Hilda Gutierrez thought she could never buy.
“I’ve never done it, it’s just something that popped into my head because I was just paying rent and it was too expensive,” she said.
A bank referred her to the USDA and she qualified for the loan.
“It was scary at first, then everything changed when I bought my house,” Gutierrez said. “My kids were happy, that’s the most important thing. Their father passed away, so I had to change my life, but it worked out pretty well.”
Gutierrez, who works in the medical field, raised her three children in this house and realized that the dream of owning a home is possible.
“You can do it, it’s possible,” she said. “Anything is possible in this life, anyone can buy a house, just work hard.”
More information: https://www.rd.usda.gov/nv or call (775) 443-4754