Norfolk, Nebraska, Dec 06, 2011 -- Elkhorn Valley Bank and Trust and U.S Bank Home Mortgage were recognized today in Norfolk, Nebraska for their combined delivery of nearly $5.2 million in Fiscal Year 2011 for USDA Rural Development’s guaranteed rural housing (GRH) loan program. Elkhorn Valley Bank and Trust is a ‘Top Ten” lender with nearly $2.7 million and U.S. Bank Home Mortgage is a ‘Two Million Club” lender with more than $2.5 million in home loans through the GRH loan program. The loans fostered rural homeownership in the state, said Maxine Moul, Nebraska State Director for USDA Rural Development in making the presentations to the banks.
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 Elkhorn Valley Bank and Trust and U.S. Bank Home Mortgage for their dedication in using the program.”
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 the Norfolk USDA Rural Development office at (402) 371-5350. Visit www.rurdev.usda.gov/ne.