Cornerstone Bank in York was recognized today as a Top 10 Lender in Fiscal Year 2013 for USDA Rural Development’s Guaranteed Rural Housing (GRH) loan program. Cornerstone Bank provided nearly $3.6 million for 37 home loans through this program, which fostered rural homeownership in the state, according to Maxine Moul, Nebraska State Director for USDA Rural Development.
This is a record year for USDA Rural Development housing programs in Nebraska with 74 approved lenders participating in Fiscal Year 2013. More than $124.2 million assisted 1,241rural Nebraska households to achieve homeownership. Demand for the USDA Guaranteed Rural Housing homeownership program continues to be strong in Fiscal Year 2014.
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. 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 January 15, 2014, when the current Continuing Resolution for the federal budget expires.
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/.
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.