As senior area manager for Citywide Home Loans, Gavin Ekstrom oversees the origination and processing of lending in the Denver, Colorado, region. Gavin Ekstrom draws on an in-depth knowledge of United States Department of Agriculture (USDA) loans and other federal programs.
The United States Department of Agriculture, or USDA, offers its guaranteed loan program for single-family housing as a way to improve ownership affordability in rural areas. The program offers 90 percent note guarantees for low- to moderate-income applicants who wish to build, improve, or relocate housing in eligible areas. These guarantees make it possible for banks to offer loans to these potential buyers.
The program is available to nationals, citizens, and qualified aliens who intend to maintain the purchased residence as their primary dwelling. Funds may go toward the purchase of a new or existing property or toward repairs of a residence in an eligible area. Repairs may range from structural rehabilitation to the connection of utility lines and can include the installation of accommodations for residents with disabilities.