Can You Help Provide a Path to Homeownership?
USDA Loans: Not for Farmers Only!
Once upon a time, I did not work in the mortgage industry. I worked in software. As such, I was not well versed in mortgage types and what they meant. I had heard of USDA loans, but had no clue who they applied to. I assumed it was a loan for farmers. It made sense. Being a farmer is hard work, and the margins for profit are slim. Providing an incentive seemed a no brainer. I never bothered to look further into it.
Fast forward and here I sit, wondering how I had never heard about the amazing benefits of USDA Loans. I thought back to people I had known over the years – single moms, hardworking parents who always paid their rent – who never thought homeownership was in their reach. They just never had enough left over to start saving up for that down payment. I am willing to wager that many of these families would be happy to help settle in a rural community, in exchange for the benefit of home ownership.
Get the Word Out on USDA Loans
It made me think that we need to do a better job of letting our communities know that there are options to homeownership, outside the traditional lending spectrum. The number of Americans owning homes dropped recently after remaining stable for eons. Many factors contribute to this, but all signs point to this being a trend that continues. Perhaps we can stabilize the downward trend by leading the charge to get the word out.
Your challenge this week: Think of outreach opportunities in communities that would benefit from learning about optional paths to homeownership. What can you do actively to spread the word, and make a few dreams come true? You can also share your ideas for reaching rural communities by letting us know what you come up with in the comments!