Housing experts have concluded that the government-backed USDA loan program has helped to stabilize many of our rural housing markets. By helping new home buyers acquire zero-down loans for rural homes and development, the USDA rural home loan program has increased home sales in outlying areas, giving rural housing markets a much needed boost. With low interest loans, specially tailored to an individual’s income to insure a viable repayment plan, USDA rural home loans help many achieve home ownership that otherwise may never have had the opportunity to do so.
The USDA Rural Housing Program has helped over 2.7 million people living (or who choose to live) outside the limits of major metropolitan areas achieve home ownership since 1949. Now, with the 2009 American Recovery and Reinvestment Act, the guidelines are even more flexible than ever, and funding has been increased, making the dream of owning your own home a reality for many more Americans. With the increased funding provided by the ARRA, 2010 funding levels for USDA rural home loans in Oregon were $424.3 million, providing a total of 2678 Oregon families with the security of owning their own home.
Oregon has a wealth of rural communities that qualify for USDA loans; properties located in Seaside, Woodburn, Heppner, Pendleton, Depoe Bay, Florence, North Bend, & Coos Bay all qualify for USDA rural home loans. Oregon home buyers are poised to take advantage of a unique and effective financing option that provides zero-down loans for properties located in some of the most beautiful areas of Oregon.
With an active portfolio of more than $170 billion in loans and loan guarantees, USDA Rural Development efforts have improved not only the economic stability of our rural communities, but make a cornerstone of the American Dream, owning your own home, a reality for many families.