(USDA) — Many young couples, eager to start a life together as a family, dream of purchasing their own home, and are challenged with the same dilemma that Alexander, Victoria and Lina Lifoifoi faced.
They lack the financial means to turn their dreams into reality. For Alexander and Lina, though, owning a place they could call home was more than just a dream. It was a necessity. Due to the lack of adequate housing, Alexander’s daughter was unable to live with her father and Lina. This complicated the situation, but made them even more determined to find the means to keep their family intact.
Their determination led Alexander and Lina to contact the U.S. Department of Agriculture Rural Development office on Saipan, where they applied for a home loan. That was the first step in changing their lives. Their goal of obtaining affordable and decent living conditions for their family was soon achieved.
Through USDA Rural Development’s Section 502 Home Loan Program, Alexander and Lina were able to purchase their own home.
The loan also included enough funds to make needed renovations to the house, so that it was not only within their means, but safe.
“Thanks to USDA Rural Development, my family was reunited and is able to live as a family should — together, and under one roof. Thank you for helping us,” Alexander was quoted as saying.
With the assistance of USDA Rural Development, Alexander and Lina were able to purchase their first home, renovate the home to fit their living needs and be reunited as a family.
According to Lorraine P. Shin, USDA Rural Development’s Hawaii state director, “The delivery of our housing programs in Hawaii and the Western Pacific is consistent with USDA Rural Development’s commitment to improving the quality of life for low-income persons in rural areas — one homeowner, one rural community at a time.”
To be eligible for assistance through these programs, applicants must meet income limits, be unable to obtain the requested assistance through other sources, have adequate repayment ability in situations involving a loan request, have an acceptable credit history and have the legal capacity to incur the obligation.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life in rural communities.
As a venture capital entity, Rural Development has invested over $72 billion since the beginning of the Bush administration. These investments provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure.
Over 1.2 million jobs have been created or saved through these investments.
Further information on rural programs is available at a local USDA Rural Development Office or by visiting USDA’s Web site at http://www.rurdev.usda.gov.