USDA Recognizes FCCU as a Top Rural Housing Lender
07/05/2024
The USDA Rural Development has recently recognized First Community Credit Union (FCCU) as a top rural housing lender in North Dakota.
“Congratulations to the FCCU Home Loans team. This entire group works hard to get our borrowers into their new homes and to be recognized by USDA is an honor,” said Mary Radenz, VP of Mortgage Lending.
According to the USDA’s website, the Single Family Housing Guaranteed Loan Program assists approved lenders in providing low and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers – so no money down for those who qualify.
In a recent press release, Erin Oban, state director of the U.S. Department of Agriculture Rural Development says, “Housing affordability and accessibility continues to challenge many North Dakota families and communities, but by utilizing USDA Rural Development programs, these lenders are reducing barriers, like eliminating the need for a down payment, to make homeownership more within reach,” said Oban.