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Ohio's
Rural Development recognizes local lender's commitment to rural
communities.
COLUMBUS,
OHIO - Independence Mortgage Services, Inc. (IMS), a local lender
participating in the Rural Development's Guaranteed Housing Program,
ranked among the top 10 lenders in 2001.
"Partnerships
we have with dedicated lending institutions like IMS help Rural
Development target assistance to communities in need," said Rural
Development State Director Randy Hunt. "IMS processed 97 loans
through us totaling $9.2 million during Fiscal Year 01."
The
Guaranteed Rural Housing Program (GRH) assists low-moderate income
applicants in purchasing a home in rural areas. The program has
income based on county and family size. For example, a four-person
household could earn up to $60,400 and still qualify for the GRH
program. Income limits are even higher in communities closer to
urban areas.
This
program helps applicants with good credit purchase a home with minimal
out-of-pocket expenses. Additionally, since the GRH program doesn't
require mortgage insurance applicants can often buy a home with as little
as $500 (out-of-pocket/closing costs). Applicants can finance up to
100 percent of the home's value.
IMS
Vice President, Robert Togliatti, explained that most homebuyers they
qualify are astonished they can buy a home with nothing down.
"I find it very rewarding to tell someone who has rented their entire
life to start shopping for a home," added Togliatti.
For
additional information on how to purchase a home through the Guaranteed
Housing Program or other mortgage programs offered through Rural
Development, please contact a local participating lender or Rural
Development at (614) 255-6400. You may also visit our website at www.rurdev.usda.gov
for additional information.
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