News Release — USDA Rural Development
Michael Bard, (802) 828-6013
Montpelier VT, June 26, 2013 – USDA Rural Development and Union Bank joined and celebrated National Homeownership Month by recognizing Union Bank of Morrisville, Vermont as the highest volume state approved Guaranteed Housing Loan Program lender for fiscal year 2013. The event was hosted by Stephen Kendall, Senior Vice President for Union bank and was held at the bank’s South Burlington Loan Center. USDA Guaranteed loans help rural residents purchase homes through local banks and credit unions without a down payment requirement.
David Robinson, Acting State Director for USDA Rural Development for Vermont and New Hampshire said, “Affordable home ownership is an important priority for Vermonters and the well-being of our communities.” Robinson further explained that USDA housing loan guarantees can provide a quick and less costly alternative to private mortgage insurance (PMI) thereby reducing homeowner’s monthly costs.
“Union Bank is proud to be acknowledged for its active participation in the RD Guaranteed Housing Loan Program. The program is invaluable in helping the bank meet the borrowing needs of many of our no down payment first time home buyer customers,” said David Silverman, President and CEO.
USDA has helped rural residents purchase homes since 1949. Since the start of the Obama Administration, USDA Direct and Guaranteed home loan programs have helped more than 650,000 rural residents buy houses. USDA, its state and federal partners, members of the housing community, lenders and communities across the country celebrate National Homeownership Month each June to bring attention to the role housing plays in the economy. This year’s theme, “USDA: Bringing Rural America Home,” underscores housing’s importance to millions of rural residents. In Vermont rural eligibility includes the entire state except for the immediate Burlington Metro Area.
USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).