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Losses Low in
Rural Housing Loans
During the 16 years Farmers Home Administration has been in operation in the rural housing loan program losses have amounted to only 2 hundredths of 1-percent. More than $906 million has been advanced to farmers and rural residents through housing loans. One fifth of all Farmers Home Administration rural housing borrowers have paid their loans in full. Foreclosures have been less than one for each thousand loans made. Secretary of Agriculture Orville L. Freeman had this to say about the low losses on rural housing loans; “This is a remarkable tribute to the financial integrity of rural families and their ability to manage their financial affairs Loans under this program are made only to those unable to obtain financing from conventional sources or are unable to obtain it at rates and terms they can be reasonably expected to pay. Loan funds may be used to construct, improve, repair or relocate fural homes or farm
92.0%