Banks still reeling from the subprime-mortgage disaster may be reluctant to lend, but for a limited time, Wareham residents have another source of mortgages that just might be a surprise: the United States Department of Agriculture (USDA) Division of Rural Economic Development.

Lisa Simmons of ENG Lending, a mortgage-lending division of the Bank of England (in England, Arkansas), will present information on this mortgage option on Saturday at the Bay Pointe Country Club. The presentation will be from 10 a.m. to 12 p.m. and feature Simmons in addition to Kathryn Bean, a real-estate attorney with the J. Ford O'Connor law firm, local realtors and a contractor.

With its mix of agricultural businesses and percentage of residents qualifying as low-income, Wareham residents may qualify for guaranteed or direct loans through the USDA Rural Community and Economic Development Division Section 502.

Guaranteed loans basically make the government a co-signer on your mortgage. They are available for up to 102 percent of the purchase price of a home deemed affordable for those making up to $82,000 who have good credit.

Direct loans are assistance loans available to those earning 50 percent of the area's median income who can "show an ability to pay."

Simmons said that her goal is to educate potential homeowners about nontraditional sources of funding. She speaks from experience: three weeks before closing on her first home, Simmons lost her job. The bank cancelled the mortgage and kept the deposits she had made. She met with a mortgage broker and decided to pursue a loan through the Federal Housing Administration.

"Nobody told me that there were other opportunities," she said. "I want to show people there's another way to become a homeowner."

Funding for the loans is expected to run out by the end of the month, however, so time is short. Simmons said she cannot guarantee any loan, but the major banks have stopped taking applications for the program and money is still available - if somebody is approved for a loan and finds a house, there may be a chance that this program can help them out.

The event is free, and all are welcome to attend. For more information, contact Lisa Simmons at ENG Lending, (800) 262-7828 x245.