E8 celebrates Homeownership Month, closes 502 Loan

Last week, Eastern Eight staff celebrated National Homeownership Month by closing their first Rural Housing 502 Direct Loan – the nonprofit is the only organization in Tennessee that services such loans.

Partnering with Just Choice Lending and USDA Rural Development, E8 closed its first and second 502 Loans on Friday. Rural Housing 502 Direct Loans are federally-funded and eligible only to individuals in Central Appalachia.

E8 staff joined staff from USDA at the new home of Mary Sapp to commemorate the event.

"It's really an honor to be closing this loan in time for the start of National Homeownership Month," E8 Executive Director Retha Patton said to those gathered at the future Sapp home. "I can think of no better way to celebrate."

While officials from the organizations greeted one another at the event, Sapp sat back smiling, sitting under what would soon be her car port. "I'm just so tickled," she said. "This home really is a dream come true."

The two closings cement the three-way partnership, opening the doors to future endeavors, Patton believes. "National Homeownership Month celebrates the accomplishments of Americans who strive to make homeownership a reality," she said. "That's what we celebrate today, tomorrow and beyond. Partnerships like this ensure our success."

Just Choice Lending is backed by the Federation of Appalachian Housing Enterprises. For more information on the 502 Loan program, or any other housing organization or loan program, contact Eastern Eight.