USDA Rural Development Announces Top 10 Lenders

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.

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