As a senior area manager with Citywide Home Loans, Gavin Ekstrom provides mortgage advising and loan consulting services to clients across the Denver, Colorado, area. During his career, Gavin Ekstrom has developed expertise in a range of loan programs, including the Single-Family Housing Guaranteed Loan Program from the USDA.
Designed to encourage lending to low- and middle-income borrowers living in rural areas, the USDA program offers a 90 percent loan note guarantee to approved lenders. To qualify for the program, borrowers must be a US citizen, non-citizen national, or qualified alien who has not been banned from participating in federal programs. Additionally, borrowers must agree to use the loan toward a primary dwelling while meeting certain income qualifications.
Loans obtained through the program don’t necessarily have to be used to purchase a new home. Borrowers can also use guaranteed funds for refinancing certain types of existing loans, repairs and rehabilitation, certain connection fees, and other costs associated with qualified dwellings.
Designed to encourage lending to low- and middle-income borrowers living in rural areas, the USDA program offers a 90 percent loan note guarantee to approved lenders. To qualify for the program, borrowers must be a US citizen, non-citizen national, or qualified alien who has not been banned from participating in federal programs. Additionally, borrowers must agree to use the loan toward a primary dwelling while meeting certain income qualifications.
Loans obtained through the program don’t necessarily have to be used to purchase a new home. Borrowers can also use guaranteed funds for refinancing certain types of existing loans, repairs and rehabilitation, certain connection fees, and other costs associated with qualified dwellings.
