Stimulus finances American dream

By Elna Seabrooks
Staff Writer
    HOULTON — The Jeffrey family finally achieved the American dream of homeownership thanks to their own perseverance and a USDA Rural Development 502 direct loan.
Houlton Pioneer Times Photo/Elna Seabrooks 
HOUSEWARMING — First-time homeowners, the Jeffery family, welcomed USDA rural development staff to their home and accepted a number of gifts including an American flag. From left are Sean Thibeau, loan specialist; Haley Jeffery with son Zachary; Tom Stevens, area director; Matthew Jeffery holding daughter Natalie; Virginia Manuel, rural development state director and Dale Holmes, housing program director.
    “The direct loan program is incredibly important because it makes it possible for them to own their own home. We do 100 percent financing and this couple is making mortgage payments that are actually less than what they were paying for rent,” said Virginia Manuel, USDA rural development state director.
    To mark the occasion Manuel and members of her team presented the family with an American flag and several gifts including photos and Rural Development stuffed animals for the children.
    At one point last year, Matthew Jeffery said he was “bummed out” because his bank financing fell through. He is employed by the Aroostook County Sheriff’s office. Then, a referral to USDA turned things around. But, there was a possibility that he would be deployed overseas with his National Guard unit in the near future. Later, that was cancelled.
    “It was a close call. There may be another one. That’s the chance you take when you sign up,” reflected Jeffrey. Finally, everything fell into place with a comfortable, updated and affordable home with full financing through USDA’s direct loan program and possible assistance if he does later serve overseas.
    Haley Jeffrey, his wife and mother of their two children, said this first home “means security for the children to have a home until they are grown. I love it. We have been decorating. Well, I’ve been decorating.”
No money down
    Eligibility for the program is determined by various criteria including “adequate income to repay the loan, and acceptable credit. It doesn’t have to be perfect credit,” according to Dale Holmes, housing program director for USDA rural development.
    Holmes added that “the program [made possible by stimulus money] is very popular right now since it does not require a down payment and subsidies make home ownership even more affordable. We have done $25 million worth of business in the first four months of this fiscal year.”
    Additionally, applicants must successfully complete a first-time homebuyer’s education class that covers how to manage mortgage payments, taxes, insurance and other things related to a major purchase. Tom Stevens, area director for USDA rural development said the direct loan program “makes achieving the American Dream possible.” Sean Thibeau said working with the Jefferys was especially important for him “because as a veteran, helping a fellow serviceman meant a lot to me.”
    The house was recently updated by the previous owner according to Becky Day, First Choice Real Estate broker/owner, who said the family was very cooperative in completing paperwork to buy the four-bedroom home. The Jeffery’s five-year-old son, Zachary, responded with “good” when asked how he liked his new house and his new room. Natalie, only 18-months-old, had no comment.
    Manuel said the direct loan program points to the human side of the stimulus program that is putting people in homes through various plans and she encourages residents to contact USDA for more information. In Presque Isle the number is 764-4157, ext. 4.