Although the housing market in the US is beginning to recover, many homebuyers still need help getting back into the market. One possible solution is the 100% financing option which is backed by the US Department of Agriculture.
The USDA Rural Development mortgage loan option allows qualified homebuyers to find a home in an approved area and to avoid a popular stumbling block which is a lack of a down payment. Recent USDA figures show AmeriFirst is the number one Michigan RD lender, as it financed more than 1200 RD mortgages last year and more than 500 so far this year. AmierFirst is in the top 1% in the nation, was the 12th largest RD mortgage lender by units last year, and is number nine so far this year.
AmeriFirst co-founder and CEO, David N. Gahm says, “Rural development fits into the AmeriFirst footprint well. Yes we have branches in the CIncinnatis and Indianapolises of the world. But we’re also in places with rural areas like Kalamazoo, Michigan, Fort Wayne, Indiana and Northwest Ohio. We’re able to service the more rural communities well.”
This is something that Amerisfirst Home Mortgage co-founder and President, Mark A. Jones attributes to the expert staff in branches across the region. He commented “Attaining this honor is not an accident, nor is it luck. This is based on intentional efforts by a very hard working, knowledgeable team of professionals.”
USDA Rural Development guarantees loans made by private sector lenders under the Guaranteed Loan Program. If a loan is guaranteed through RD then if the borrower defaults on the loan, RD will pay the private financier for the loan. Last year more than 150,000 families across the country used this type of loan to purchase a home.
In May last year the USDA sent officials to the Kalamazoo area to roll out a rural development refinance program with AmeriFirst as a pilot member. The USDA and AmeriFirst have a long running professional relationship in helping local home buyers and homeowners with this zero-down mortgage option.
AmierFirst is a community mortgage banker with more than 25 years’ experience in serving the real estate market. Its headquarters are located in Portage, Michigan.