Lincoln, Nebraska, Nov 13, 2012 -- USDA Rural Development has announced its Top 10 approved lenders in lending activity for its Guaranteed Rural Housing (GRH) loan program in Nebraska for Fiscal Year 2012. In Fiscal Year 2012, 71 approved lenders participated in the GRH program and provided more than $115.7 million to assist 1,206 rural Nebraska households in achieving homeownership. This is a record year for USDA Rural Development housing programs in Nebraska, according to State Director Maxine Moul.
The Top 10 Lenders include:
Charter West National Bank 162 Loans $14,176,716
Platte Valley Bank 99 Loans $ 9,520,603
Pinnacle Bank 76 Loans $ 8,122,993
Wells Fargo Bank N.A. 64 Loans $ 6,563,417
Great Western Bank 64 Loans $ 5,639,235
Midwest Bank N.A. 62 Loans $ 5,151,883
BankFirst 53 Loans $ 4,722,887
First Mortgage Company, LLC 51 Loans $ 5,349,901
Cornerstone Bank 40 Loans $ 3,545,302
Farmers & Merchants Bank 35 Loans $ 3,447,852
These lenders will be recognized by Rural Development and will receive a plaque acknowledging their activity in the GRH program, which has fostered rural homeownership in the state.
USDA Rural Development oversees a single family housing portfolio in Nebraska of more than $532 million, consisting of more than 7,200 loans that have maintained low delinquency rates. Since 1992, USDA Rural Development and its approved lenders have invested more than $837 million in rural Nebraska for homeownership opportunities through the GRH program.
The GRH program is a federal program that is budget neutral. The program does not rely on taxpayer dollars to fund the program and is self-supporting by the fees generated through the loans.
Fiscal Year 2013 should be a strong year as well. Moul said, "The guaranteed rural housing loan program is very solid. Year after year we have assisted many individuals and families with the purchase of a home in rural Nebraska. I encourage approved lenders to continue to use this program, helping even more Nebraskans to achieve homeownership."
Through the GRH program, loan funds are provided by private lending institutions and 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. The communities of Norfolk and Columbus also remain eligible through at least March 27, 2013, when the 2010 census data will be implemented. GRH loans have been processed in 81 out of the 93 counties throughout Nebraska.
Existing guaranteed or direct loan borrowers may refinance their home loans under the GRH loan program. This provides a borrower with an opportunity to obtain a possible lower interest rate.
For additional information on becoming an approved lender, contact Krista Mettscher at USDA Rural Development, 100 Centennial Mall North, Suite 308 Lincoln, NE 68508, (402) 437-5518 or at firstname.lastname@example.org. Visit www.rurdev.usda.gov/ne/.
For additional information on RD projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2011. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $172 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.