Champaign, IL, Jan 23, 2013 -- Contact: Nicki Morgan (217) 403-6232
State Bank of Lincoln Recognized as a Top Lender
Champaign, Ill., January 23, 2013 - The State Bank of Lincoln was recognized by USDA Rural Development for its participation and strong support of the guaranteed rural housing program. In fiscal year 2012, the bank originated over $22 million in loans offering a 30 year loan term and no down payment. These loans had record low fixed interest rates and were for home purchases as well as refinancing loans already guaranteed by the USDA. This figure is roughly half of the total volume of loans with the bank’s participation through a statewide network of correspondent lenders.
“Recognizing the bank on this accomplishment is a way of saying thanks on behalf of hundreds of families in small communities that have now purchased a home of their own,” Rural Development State Director Colleen Callahan said, “The State Bank of Lincoln has been a great partner to our Agency.” USDA Rural Development guaranteed more than $19 Billion in mortgage loans for homebuyers in rural America last year, setting a new record for the program which has been in existence since 1992.
Interested homebuyers can call the State Bank of Lincoln at 800-847-1536 or Rural Development at 866-481-9575 for more information on the guaranteed rural housing loans.
Rural Development has more than 40 programs that foster growth and economic stability in rural areas by providing affordable financing and technical assistance. In addition to housing, support is available for regional food systems, broadband and biofuel infrastructure, business development and community needs. More information on USDA Rural Development programs is available on the web at www.rurdev.usda.gov/il.