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News Release
Release No. STELPRD4014274
ContactDarin Leach515-284-4747
Printable Version  Printable Version
(JANUARY 25, 2012) USDA RURAL DEVELOPMENT RECOGNIZES MOST ACTIVE LENDERS USING AGENCY’S GUARANTEED HOME LOAN PROGRAM
2,046 Iowa Families Purchased Homes through Program Last Year

Des Moines, Iowa, Jan 25, 2012 -- Bill Menner, USDA Rural Development State Director in Iowa, today announced the most active lenders using the agency’s guaranteed home loan program in Iowa in 2011.

“We want to thank all of our lender partners for their continued participation in our guaranteed home loan program last year,” Menner said. “Together, we made great strides in providing quality housing opportunities to low and moderate income homebuyers.”

The most active participating lenders include:

2011 Loan Origination

These lenders worked directly with residents to initiate home loans in rural Iowa.

Wells Fargo Bank N.A. – 116 loans totaling $11,870,227

Residential Mortgage Network Inc. – 115 loans totaling $14,034,665

Northwest Bank – 97 loans totaling $8,660,114

Premier Home Mortgage – 76 loans totaling $7,580,791

United Bank of Iowa – 76 loans totaling $5,036,002

 

2011 Loan Writing

These lenders provided mortgage services from processing to closing for rural Iowans purchasing home loans via local lenders last year.

Wells Fargo Bank N.A. – 139 loans totaling $14,809,284

Premier Home Mortgage – 124 loans totaling $12,369,750

Mortgage Services III, LLC – 116 loans totaling $12,516,923

Residential Mortgage Network Inc. – 115 loans totaling $14,034,665

Northwest Bank – 97 loans totaling $8,660,114

 

Additionally, the following lenders had 55 or more loans with USDA Rural Development in 2011: Bankers Bank, Central Bank, Iowa Bankers Mortgage Corp., US Bank Home Mortgage and Valley Bank.

With guaranteed lending a loan is made to a borrower by the bank following the same basic steps as a conventional loan. USDA Rural Development provides up to a 90% guarantee to the lender on qualifying loans, reducing the lender’s risk in the event of a default by the borrower.

A total of 2,046 Iowa families living in rural communities and areas were assisted through USDA Rural Development’s guaranteed home loan program during the past year. The agency guaranteed loans totaling $200,868,260, or an average of $98,176 per loan.

In most cases, a family of four living in a rural area and/or in a community of 20,000 persons or less and with an adjusted annual income of up to $74,750 may qualify for the agency’s guaranteed home loan program. These income limits increase in communities located near metro areas.

 

 USDA Rural Development is an equal opportunity lender with a variety of direct and guaranteed lending programs involving single and multi-family housing, community facilities, water and sewer development and business and cooperative programs.

This past year USDA Rural Development’s investment in Iowa helped create or retain more than 1,900 jobs, aided 2,000 families in buying their own homes and assisted more than 80 communities as they made improvements to their facilities, services and infrastructure.

USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural areas and communities. Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.

Further information on programs available through USDA Rural Development is available by calling (515) 284-4663 or visiting the agency’s web site at www.rurdev.usda.gov/ia.

# # #

Last Modified:10/18/2012 
 
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