Kearney, Nebraska, Oct 27, 2011 -- Farmers and Merchants Bank was recognized today in Kearney, Nebraska as a $2 million club lender in Fiscal Year 2011 for USDA Rural Development’s guaranteed rural housing (GRH) loan program. Farmers and Merchants Bank provided more than $2.3 million in home loans through this program, which fostered rural homeownership in the state, said Maxine Moul, Nebraska State Director for USDA Rural Development in making the presentation to the bank.
The GRH loan program continues to be extremely successful in Nebraska. Seventy-seven approved lenders participated in Fiscal Year 2011 providing more than $105.8 million, and assisting 1,122 rural Nebraska households to achieve homeownership. Demand for the USDA Guaranteed Rural Housing homeownership program continued to be strong in Fiscal Year 2011.
Moul said, "We appreciate the Nebraska approved lenders, our partners, who make this program such a success. We anticipate another active year and we look forward to helping more rural Nebraskans to achieve the dream of homeownership. I wish to thank Farmers and Merchants Bank for their dedication in using the program.”
“As a Nebraska based community bank, Farmers and Merchants Bank strives to offer innovative financial products and services to customers of our communities. The USDA Rural Development housing program is an additional product that our institution can utilize to assist customers to realize their personal goal of home ownership at affordable rates. We appreciate our working relationship with the USDA Rural Development Department and look forward to a continual partnership in the future,” Senior Vice President & Branch Manager Kearney Nebraska Gary Buehner, Farmers and Merchants Bank.
With guaranteed financing, private lending institutions provide the loans which are guaranteed by the federal government. The program features no down payment to eligible income households and no maximum mortgage limits. Dwellings must be located in a rural community with a population of up to 20,000, and including Norfolk and Columbus.
Existing guaranteed or direct loan borrowers may refinance their home loans under the GRH loan program to obtain a possible lower interest rate.
For additional information on becoming an approved lender or for applying for a guaranteed home loan, contact Krista Stevens at Krista.email@example.com or (402) 437-5518. Visit www.rurdev.usda.gov/ne.