USDA helps Hispanics live American dream
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As a direct result of this outreach, Jorge and Socorro Arellano and their three children, Yessenia, Mariela and Isla Del Carmen, are the first such family in Warren County to receive a low-interest loan to purchase their own home. They are in the process of moving into their first home, a three bedroom, one-and-a-half bath residence financed through the Rural Development’s Housing Program.
“I am very proud to have achieved for my family the American Dream of owning our own home,” Jorge Arellano said.
Area specialist Larry D. Harkleroad, who is based in the Cookeville USDA office, was on hand recently to welcome the Arellanos to their new home, located just off the old Rock Island Road. Harkleroad says the program is making a difference in the lives of Hispanic families.
“As Jorge said, it helps them realize the American dream of home ownership,” Harkleroad said.
Rural Development hopes more families will follow the Arellano’s lead.
“We are here to help, and encourage other Hispanic residents interested in becoming homeowners to contact our office,” said Bob Connelly, acting area director for the Cookeville office.
Rural Development’s Housing Program is designed to increase home ownership by assisting low to very-low income individuals or families in purchasing or building a home in rural areas of Tennessee. Loans may be made without a down payment, and eligible applicants may qualify for 100 percent loan financing as well as monthly payment assistance.
Depending on an applicant’s income, monthly payments can be lowered as far down as one percent. Loans are typically made for 33 years at a fixed interest rate, with a maximum loan amount of $114,600.
For more information on the program, contact the Cookeville office at (931) 528-6539, ext. 112, or visit www.rurdev.usda.gov/tn.