Stevens Point, WI, Oct 04, 2011 -- The U.S. Department of Agriculture (USDA) Rural Development Wisconsin State Director, Stan Gruszynski, announced the approval of First Bank Financial Centre as a Guaranteed Rural Housing (GRH) lender, today.
“We welcome First Bank Financial Centre to our growing list of approved lenders offering GRH financing and we look forward to this new partnership – working together to make the dream of homeownership possible for all rural Wisconsin residents,” said Gruszynski. “Building partnerships is a great way for our agency to meet the challenges faced as we work to increase home ownership and other opportunities in rural America,” he added.
The GRH program assists low to moderate income homebuyers in obtaining a 30 year fixed rate mortgage without the down payment typically required by conventional lenders. Home mortgages can be made for up to 102 percent of the dwelling’s appraised value and in some cases, may include closing costs and necessary repairs.
Last year, over 3,400 Wisconsin families became homeowners using the GRH loan program. Eligible areas include rural regions and communities under 20,000 in population, and not part of a larger urban area. First Bank Financial Centre will make this affordable home financing option available throughout Wisconsin through its office in Oconomowoc, WI. They can be contacted at 888-569-9909 or by visiting http://www.fbfcwi.com for more information.
USDA Rural Development’s mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As the lead federal agency for rural development needs, USDA Rural Development returned nearly $744 million dollars this past year to rural Wisconsin communities. Funds are used to finance and foster growth in homeownership, business development, and critical community and technological infrastructures. Further information on USDA Rural Development programs is available at a local USDA Rural Development office or by visiting the web site at http://www.rurdev.usda.gov/wi.
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