By Tim Schmidt Record Managing Editor Pink is Danielle Percy’s favorite color. So imagine the 8-year-old’s reaction when she saw a light-colored pink bedroom when she visited the a home her …
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Mother becomes homeowner thanks to program
Posted
By Tim SchmidtRecord Managing EditorPink is Danielle Percy’s favorite color. So imagine the 8-year-old’s reaction when she saw a light-colored pink bedroom when she visited the a home her mother recently purchased for the first time.“It is really pretty,” said Danielle with a big smile.Danielle’s joy is shared by her mother, Marilyn, and two older sisters. On Monday, the family celebrated the home purchase with officials representing NECAC and USDA Rural Development who helped make it possible.Percy was able to buy the three-bedroom, two-bath, 1,900-square-foot home located in the Field of Dreams subdivision with the help of the USDA 502 Direct Loan program.The loan is geared toward low-income families who might otherwise not be able to afford a home. The program doesn’t require credit scores or a down payment. Loan repayment terms are for 33 to 38 years, with interest rates set by USDA. Families can also qualify for interest subsidies.Several years ago Percy thought owning her own home was out of reach. She went through a divorce. She was laid off from her job. She filed for bankruptcy. Percy was renting a townhouse when a NECAC official provided her with details about the 502 loan program. She spent the better part of a year going through the application process and rebuilding her credit.“This program opened a lot of doors for us,” Percy said. “I had to build myself back and start all over.”NECAC is the first non-profit agency in Missouri authorized to process 502 loans and is looking for more families to apply. Carla Potts, NECAC housing development director, feels the program is one of the best available to help low-income families realize the dream of homeownership.“It’s an important place to raise your children, so they have the stability of a permanent home,” she said. “It’s been a great day. We are delighted and hope to see many more of these.”As Percy moves the family’s belongings into the new home, she already envisions where some of the furniture will be placed and has an idea for a privacy fence for the backyard. It will soon feel like home, a place where birthday parties are held and meals are shared at the dining room table.“It is a good program for a single parent or someone that is trying to get back on their feet,” Marilyn Percy said.
Marilyn Percy and her 8-year-old daughter Amber check out one of the three bedrooms in their new home. With the help of the USDA 502 direct loan program, Percy was able to purchase the home for her three daughters and herself. Tim Schmidt photo.
