COOKEVILLE, Tenn.— Rural Development Area Director Joseph Woody today announced Janith Reecer will be the new Single Family Housing Loan Specialist for Putnam County. She will help eligible families and individuals utilize Rural Development financial and technical resources to achieve the dream of homeownership. Rural Development loan funds are currently available in Putnam County.

“Owning a home helps families build economic security through an asset that can be passed on to the next generation. It builds pride in the community and is an important part of the American way of life,” Reecer said. “At Rural Development we are committed to helping as many people as possible achieve the American Dream of owning their own home.”

There will be a Housing Fair to help eligible families and individuals achieve the dream of homeownership in rural areas of Putnam and the surrounding counties. The fair is scheduled to be Wednesday, April 30, 2008 1 – 3 p.m. at the USDA Service Center located at 900 S Walnut Ave., the back entrance to fairgrounds, in Cookeville.

“With all that’s happening in the housing market right now, finding the right home loan for your family and circumstances can be a frightening prospect,” said Woody. “Fortunately for people in Putnam County, Janith Reecer has the experience to help people reach their goal with confidence.”

Reecer serves several counties and maintains regular office hours to assist families in Putnam County on the second Tuesday of each month from 9 a.m. till noon at the USDA Rural Development office located at 390 S. Lowe Ave., Ste K, in Cookeville.

Rural Development’s housing programs are designed to increase homeownership by assisting eligible families and individuals in purchasing or building an affordable home in rural areas of Tennessee. Loans may be made without a down payment, and eligible applicants may qualify for loan financing up to 100 percent of the appraised value. Depending on an applicant’s income, monthly payments may be based on an interest rate as low as one percent. Loans are typically made for 33 years at a fixed interest rate, with a maximum loan amount of $136,000 in Putnam County. Monthly payment assistance may also be available for those who qualify.

Eligibility for assistance is based on family income and varies by county. For example, a four person household living in Putnam County with an adjusted household income up to $38,550.00 may qualify for a low-interest home loan through Rural Development. Rural Development staff will assist those interested in learning more to calculate adjusted family income and complete the application process.

Additionally, Rural Development offers a Guaranteed Home Loan program to help private lenders increase the number of affordable home loans they make in rural areas. Rural Development also has funds available for home repairs related to health, safety and accessibility.

USDA Rural Development is committed to the future of rural communities in Tennessee by investing financial and technical assistance through housing, community and business development programs. In Fiscal Year 2007 Rural Development assisted at least 600,000 Tennessee families and businesses with more than $308 million in financial resources including loans, loan guarantees and grants.

To schedule an appointment to discuss homeownership or for more information on the guaranteed home-loan program or business development programs available in the Upper Cumberland, contact the Rural Development Area Office in Cookeville at 931-528-6539 or toll free at (800) 342-3149 ext. 1493. Information is also available online at http://www.rurdev.usda.gov/tn.