USDA recognizes local banker

Milford — USDA Rural Development recently presented a Certificate of Appreciation to Darren Lowell, a loan originator with First Horizon, for participating in processing guaranteed loans to applicants who purchased homes using the USDA Rural Development’s Guaranteed Rural Housing Loan (GRH) program. Over 185 loan originators utilized the program in fiscal year 2007, and Darren was one of the high producing originators. Overall, throughout Pennsylvania, 800 families purchased homes in fiscal year 2007, through this USDA Rural Development housing program. The program targets families in the low and moderate income levels. A family of four can earn as much as $68,550 and still qualify: however, the income limits will vary depending on the household size and area. The program’s most desirable feature is that no down payment is required. The program permits financing up to 100% of the appraisal plus the 2% guarantee fee. Other features of the GRH program include lower monthly payments and no private mortgage insurance requirement. Loans may be made on new or existing homes. There is no cap on the total mortgage amount, although the payments must be within the applicant’s repayment ability. The application processing is done by participating local lenders. For more information on programs offered by USDA Rural Development, contact the Pennsylvania State Office at 717-237-2299 or visit its website at www.rurdev.usda.gov/pa .