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Frequently Asked Questions for Partnership for Homeownership
How is Rural Development involved with Partnership for
Homeowership loans? Rural Development will be providing you with a second mortgage, which is typically a significant amount of the sales price of the Home. You'll start your application with Rural Development and they will forward your information to one of WHEDA's participating lenders. Along with your WHEDA lender, Rural Development will also coordinate your loan closing. If I have two mortgages, will I also have two mortgage
loan payments each month? Yes, you will make monthly payments to both WHEDA and to Rural Development. Don't worry. You'll have the benefit of low interest rates on both of your mortgage loans so the total of both of your monthly payments is very affordable. The Rural Development portion of you payment will also include the monthly amounts needed to real estate taxes and hazard (Homeowner's) insurance. Does Rural Development only make loans in certain areas?
Rural Development targets rural areas, which they define as communities with populations of 20,000 or less. How do I find Rural Development to get started? Check the list of Rural Development offices to find the most convenient office for you.
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