Cornerstone Bank in York was recognized today by USDA Rural Development Nebraska State Director Maxine Moul as a Top Ten Lender (Ranking 10th) for the Fiscal Year 2016 USDA Rural Development Guaranteed Rural Housing (GRH) loan program. Cornerstone Bank delivered in excess of $2.2 million in home loans to allow 27 rural Nebraska families to “build a better future together.”
In Fiscal Year 2016, 79 approved lenders participated in the GRH program and provided more than $97 million to assist 948 rural Nebraska households in achieving homeownership. The program assists first time homebuyers and those who are seeking a different home because of changing family needs.
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 for its 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 71 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 krista.mettscher@ne.usda.gov. Visit http://www.rd.usda.gov/ne.
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.