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Guam urged to avail of USDA's guaranteed loan
Real estate news By Saipan Tribune
Thursday, January 24, 2008
GUAM-The outlook for Guam's economy in 2008 is brighter than it has been in a number of years. The primary reason for this is clearly the impending military buildup on the island, which is a part of a global redistribution of U.S. forces throughout the world. Also, Guam's tourism has seen some revival over the past several years, and many in this industry remain optimistic.
But how prepared are you for this expected growth and development? Are you considering whether the time is right to purchase that new home or condominium? Do you need to expand your business or restructure existing debts? Does your business need to purchase real estate, or do you need funds for working capital or machinery and equipment?
Those of us with mortgages, or those contemplating obtaining a mortgage, already understand the world of conventional loans. But how familiar are we with guaranteed financing? Throughout rural communities in Guam, guaranteed loans are made by lenders following the same basic steps they use in conventional loans. The difference is, these loans are, in essence, "co-signed" by the federal government. In a guaranteed loan, USDA Rural Development would be providing payments, based on a predetermined percentage, of any losses the lenders may incur if the borrowers fall short on their commitments.
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