The dream of homeownership might not seem like a realistic one for some Teche Area residents.

However, it is a dream many can achieve with the help of the U.S. Department of Agriculture. The USDA has programs specifically designed to help achieve homeownership goals and is celebrating National Homeownership Month with special activities scheduled throughout June.

Charles Miniex, a specialist with the USDA regional office in Lafayette, said the department offers two housing programs designed to help low- to moderate-income buyers.

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“With the Guaranteed Housing program, the department acts as a guarantor for the buyer,” Miniex said. ‘We don’t actually loan any funds but instead act as a cosigner for the borrower.”

To apply for the program, Miniex said a potential buyer would contact a broker or lender and begin the application process.

IberiaBank is a local lender participating in the USDA Guaranteed Housing Program. Karrie F. Curet, vice president and community development officer for the bank, said the program offers borrowers loans with little or no down payment, is income limited and specifically designed for low to moderate-income, first-time buyers with a relatively clean credit history.

“We use the program pretty often,” Curet said. “Since Hurricane Rita, we have been able to apply the program inside the New Iberia city limits as well as outside the city limits. That will end in September, and the program will then only be available for purchases made outside of the city limits.”

Miniex said the USDA also sponsors the Direct Loan program in which the agency uses federal dollars to finance loans.

“This program is designed for low and very low-income families to buy or build a home,” he said. “Some families may also qualify for a subsidy which helps pay a portion of their house note.”

Promoting homeownership is a key part of the mission of the USDA, Miniex said.

“We look at homeownership as something that brings about stability and pride in the neighborhood and community,” he said.

Curet said there is plenty of evidence to support the positive impact of homeownership on families, including the likelihood the family will move around less and a tendency to stay at jobs longer. Children who live in single-family homes typically have more quiet and their grades are shown to increase, as well as enjoying better quality of health, Curet said.

“Homeownership is very important for community stability,” she said.

“Aside from the many positive effects on the family, it is many times the single largest asset a family will ever own.”

More information about both USDA housing programs is available at:

www.rurdev.usda.gov.