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San Juan, July 12, 2021 – Luis R. García, USDA Rural Development Acting State Director for Puerto Rico indicated the Agency has invested in Puerto Rico $357,600,872 to support 3,025 families & individuals to buying their first home during Fiscal Year 2021. We did a couple of activities & announcements during this month.
Top Lenders Award in Puerto Rico:
- 2021 Gold Lender is the First Bank of Puerto Rico they helped 383 families and individuals to buy their house in Puerto Rico.
- 2021 Silver Lender of the year is H.R. Mortgage Corp they helped 327 families and individuals to buy their house in Puerto Rico.
- 2021 Bronze Lender of the years is Banco Popular de Puerto Rico they helped 326 families and individuals to buy their house in Puerto Rico.
Numbers Breakdown: Guarantee Loans $349,248,692 & Direct Loans $8,3 52,180. These are the investment in Rural Housing Program. Our Guarantee Program helps lenders work with low- and moderate-income households living in rural areas to make homeownership a realty. Potential applicants may build, rehabilitate, improve, or relocate a dwelling in an eligible rural area. The program provides a 90% loan notes guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.
USDA Rural Development is helping Rural Families buy their first home or repair their existing home. To assist homeowners facing current hardships, USDA is offering payment moratoriums and modified application procedures.
Here are some examples of Success Stories:
- USDA Rural Development approved a grant of $10,000 to a lady 80 years old in Utuado, to repair her house that was damage during Hurricane Maria. The repair consisted in reinforcing the house foundation, installing news roof, new wall, new floor, new windows, and doors. The repair was completed, and she is very happy and grateful with the outcome of the assistance.
- In Hatillo a young single mother 24-year-old with a 3-year-old child that work 23 hour a week in a Fast-Food Restaurant was approved a $100,000 direct loan at 1% interest. Now she pays less money in her mortgage than she was paying in a small rented apartment. With the help of USDA Rural Development, she could acquire a safe and stable house where she can raise her child.
- A middle age couple that for many years were trying to buy a house, but such opportunity was denied many times. The lady was diagnostic cancer and other health issues. Her husband also has medical issues and their only income was from the Social Security and Food Stamp. But their son visited our Camuy Local Office and was surprise that his parent were eligible for a direct loan. Rural Development approved a $105,000 direct loan at 1% interest. Finally, they became home-owner and have a safe place to live.
- A 46-year single old man with heart condition that had to retire because of his sickness and his only income was from Social Security lived in a rent apartment that needed repairs, but the owner didn’t make the repair. He went to or Caguas Area Office and for his surprise he qualified for a direct loan of $85,000. Now he lives in a decent, safe, and sanitary home. He pays less in his mortgage that what he was paying in his rented apartment.
Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs, and improve the quality of life for millions of American in rural areas. This assistance supports infrastructure improvements; business development; housing; communities’ facilities such as schools, public safety, and health care; and high-speed internet access in rural, and high-poverty areas. For more information, visit www.rd.usda.gov or visit our Twitter Account @RD_PuertoRico. If you’d like to subscribe to updates from USDA Rural Development, visit our GovDelivery subscriber page.
you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.
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