USDA names Regency Mortgage Corp. ‘Lender of the Year’
The U.S. Department of Agriculture announced Regency Mortgage Corp. in Hooksett is New Hampshire’s Lender of the Year at a news conference recently. In 2013, Regency completed 156 loans, totaling $26.9 million, in conjunction with USDA Rural Development’s guaranteed homeownership loan program. Year to date, Regency has financed 87 guaranteed loans totaling $15.3 million.
“That’s 243 families who were able to purchase their own homes because of USDA Rural Development’s partnership with Regency Mortgage Corporation,” said USDA Rural Development New Hampshire and Vermont State Director Ted Brady. “Regency Mortgage Corporation helps us help families achieve the American Dream through our guaranteed housing loan program.”
USDA guaranteed housing loans allow lenders to make mortgage loans to people they would otherwise be unable to serve – including those without a 20 percent down payment. Guaranteed housing loans are available to applicants with incomes below 115 percent of the median area income.
“By offering financing options through USDA Rural Development, Regency Mortgage is able to serve a population of homebuyers whom might otherwise not be able to afford to buy a home,” said Regency President Quentin Keefe. “With no requirement for a down payment, the Rural Development guaranteed loan program is perfect for qualified buyers who lack the savings required of most other mortgage loan programs. Regency Mortgage values its partnership with the USDA and is proud to be recognized as a leader in Rural Development homeownership financing.”
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure programs through a national network of state and local offices. Rural Development has an active portfolio of more than $201.3 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural areas. For more information on Rural Development visit the Vermont/New Hampshire Rural Development website at rurdev.usda.gov/nh-vtHome.html or contact USDA RD at 802-828-6000.