Midwest Bank and Cornerstone Bank were recognized last week in York as Top 10 Lenders in Fiscal Year 2014 for USDA Rural Development’s Guaranteed Rural Housing (GRH) loan program.
Cornerstone Bank provided nearly $3.3 million for 37 home loans and Midwest Bank provided 30 loans totaling $2.6 million through this program, which fosters rural homeownership in the state, according to Nebraska State Director Maxine Moul for USDA Rural Development. Cornerstone has a branch office in Rising City.
In Fiscal Year 2014, 79 approved lenders participated in the GRH program and provided more than $104.4 million to assist 1,081 rural Nebraska households in achieving homeownership.
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 Cornerstone Bank and Midwest Bank 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. Homes must be located in rural areas. All communities in Nebraska are eligible for USDA Rural Development housing programs with the exceptions of Fremont, Grand Island, Hastings, Kearney, Lincoln, North Platte, Omaha and South Sioux City/Dakota City. See http://eligibility.sc.egov.usda.gov/eligibility/ for eligible areas. GRH loans have been processed in 79 out of the 93 counties throughout Nebraska.
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 contact Krista Mettscher at USDA Rural Development, 100 Centennial Mall North, Suite 308 Lincoln, NE 68508, (402) 437-5518 or at email@example.com. Visit www.rurdev.usda.gov/ne/.