USDA Has Best Year Ever in NM Home Loans

Zuni Pueblo Self Help Groundbreaking. Courtesy/USDA

Sundland Park home construction. Courtesy/USDA

USDA News:

ALBUQUERQUE – USDA Rural Development State Director Terry Brunner announced today his agency set a record in the number of home loans produced in the 2013 fiscal year that ended Sept. 30.

In making the announcement Brunner said, “In the last five years USDA increased the number of home loans and grants made across the state. We attribute this success to excellent staff work and the development of community partners that help us deliver our programs deeper into rural communities.”

The increase in home loans bumped New Mexico from 47th in the nation to 24th in providing USDA financial assistance in the form of direct loans and grants to those seeking to buy a home or fix up their existing house.  In FY-2013, $76,217,039 was made in home loans, guarantees and grants compared to $70,665,820 in FY-2012. In FY-2013 this amounted to 624 obligations estimated to have affected the lives of 1,872 rural New Mexicans allowing them to buy or build a home or upgrade the house they own.

When looking at the number of applications for the housing programs that were submitted Brunner said, “We feel that these numbers could have been higher but so many New Mexicans face credit issues that prevented them from qualifying for assistance.  To combat this, we will continue to work with non-profits and other assistance organizations that help New Mexicans repair their credit and increase their financial literacy.  Individuals that have a poor credit history and seek the assistance of credit repair organizations often turn out to be our best, most reliable borrowers.”

Brunner added, “Another factor is that many people do not return a completed application and ultimately the deadline lapses and the application is dropped.”

The five Rural Development field offices obligated mortgages and other housing related funding in the following program areas:


Families Served


502 Direct loans (from USDA to the Borrower)



502 Guaranteed loans (USDA guarantees

lenders’ loans)



504 Loan (home repair loans)



504 Grant (home repair grants)



306 C Water Disposal Grants



Housing Preservation Grant



Total Obligated in FY-2013



The housing program provides “no down payment” direct loans from the government and guaranteed loans through lenders and rehabilitation loans and grants for residents living in communities of less than 20,000 people. To find out more information on these programs contact the nearest Rural Development office:

  • Aztec – 505.334.3090 Ext. #4
  • Las Cruces – 575.522.8775 Ext. #4
  • Las Vegas – 505.425.3594 Ext. #4
  • Los Lunas – 505.865.4643 Ext. #4
  • Roswell – 575.622.8745 Ext. #4
  • Albuquerque – State Office 505.761.4941

USDA Rural Development’s housing program was created 64 years ago when the Housing Act of 1949 was signed into law.  Since that time the housing program offered by USDA Rural Development has provided billions of dollars in mortgage and grant funding in the various housing programs offered by the agency to those living in rural America.  Combined with the business and utility programs USDA Rural Development’s portfolio is now at $197-billion dollars.

President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values.

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