SOUTH PORTLAND, Maine — Residential Mortgage Services., Inc., of South Portland, has been named the USDA Rural Development’s “Homeownership Partner of the Year 2013” for its significant dedication and impressive volume in supporting homeownership in Maine, according to a USDA Rural Development press release.
In the past 2.5 years alone, Residential Mortgage Services, Inc. has helped 1,399 families purchase homes through the USDA Rural Development Guaranteed Program, totaling an investment of $204,178,456 in Maine Homeownership.
The recognition was awarded by state USDA Rural Development State Director Virginia Manuel during a ceremony on June 28.
“I am extremely pleased to recognize Residential Mortgage Services, Inc. as the USDA Rural Development Homeownership Partner of the Year for 2013,” said Manuel in a prepared statement. “The quality loan packages, impressive volume, and commitment to provide Maine families with quality affordable homeownership makes Residential Mortgage Services, Inc., an idea partner in our efforts to help Maine families realize the American Dream of homeownership. I look forward to continuing our combined efforts to help even more rural Maine families in the years ahead.”
Upon accepting the award, Residential Mortgage Services (RMS) Vice President and Sales Manager Michael Ianno said, “Residential Mortgage Services is honored to receive this recognition from the USDA Rural Development in Maine. Even more importantly, we take great pride in knowing we are able to help so many Mainers secure the financing they need to fulfill their dreams of homeownership. This is all made possible by the terrific partnerships RMS has with real estate agents, title companies, appraisers and attorneys who share our passion for and dedication to serving the needs of our clients.”
USDA Rural Development celebrated June National Homeownership Month, and highlighting the major milestone of more than $2 billion invested in Maine Homeownership through USDA Rural Development since fiscal year 2000.
Through the 502 Guaranteed Loan Program, loans are made by mortgage lenders and guaranteed by USDA Rural Development to low and moderate income applicants to buy or build homes (30-year fixed interest rate) in rural areas of Maine.
USDA uses solid underwriting criteria to ensure borrowers purchase homes within their income and budgets. By doing so, the agency helps homeowners remain in their homes after they buy them. If borrowers encounter financial hardships, job loss or other unfortunate circumstances, Rural Development has many options to help homeowners retain their home. For example, a family of four living in Sanford and making $78,050 or less annually would be considered “moderate income” and would qualify for a Single-Family Guaranteed Housing Loan.
For more information on homeownership programs, as well as a list of offices, visit the USDA Rural Development Maine website at http://www.rurdev.usda.gov/ME_