Partners came together in Lyons, Nebraska to hold a ribbon cutting for the new home financed for Tyler Vacha and his family. Three Rivers Housing Development Corporation of Tekamah, Security Bank of Allen, Westgate Bank of Lincoln and USDA Rural Development made the dream of homeownership possible for the family.
USDA Rural Development State Director Maxine Moul made presentations to the family, including a flag that flew over the Capitol in Washington DC and a plaque congratulating them on achieving homeownership. Moul also presented plaques to each partner for their contributions in providing affordable housing in rural Nebraska.
In August 2013, Tyler Vacha and his family made a major life decision when he accepted employment with the Center for Rural Affairs. After relocating to the area from Des Moines, they began searching for homes in the Lyons area that would fit their family's needs. After months of browsing the local housing market, they found that adequate housing in the Lyons area was in short supply. It was apparent that relocating their growing family from Des Moines to Lyons was going to require much time and effort.
After receiving a poor report on an inspection of a potential home, Tyler was introduced to Three Rivers and its New Construction Program. The New Construction Program provides down payment assistance to first time homebuyers and is funded through the Nebraska Affordable Housing Trust Fund (NAHTF) and administered by Nebraska Department of Economic Development. The availability of the down payment assistance program that Three Rivers offered was a good fit for their needs and the partnership began.
“The first step was that Mr. Vacha needed to qualify for a mortgage loan to take advantage of the New Construction Program,” said Executive Director Pamela Thomsen, Three Rivers Housing Development Corporation. “While Tyler Vacha is employed at the Center for Rural Affairs, I am working with employees of both Brehmer manufacturing and M & Q C to find housing to meet their needs. We always say in the housing arena that a home is where a job sleeps – so housing is of course key to the stability and growth of local business.”
Security Bank was familiar with the New Construction Program Guidelines and the underwriting requirements so they were the lender to whom Tyler applied. Security Bank, an approved lender for the USDA Rural Development Single Family Housing Guaranteed Loan Program (SFHGLP) processed his loan application, and then referred him to West Gate Bank, another SFHGLP approved lender for the actual underwriting and submission to Rural Development. Vacha obtained a mortgage loan guaranteed through the SFHGLP. The guarantee was approved by Rural Development on February 17, 2015.
“Our Single Family Housing Guaranteed Loan Program has been quite successful through the years,” said Moul.” “Last year it helped 1,081 households become homeowners in Nebraska. I encourage lenders to become approved lenders so more rural residents can be helped with homeownership.”
“When a young professional family moves to your community and you get a new home, it is a win win situation,” said Branch President Robert Bock, Security Bank.
“West Gate Bank was excited for the opportunity to work with so many wonderful people to make this transaction come to fruition,” said Assistant Vice President Marla Stahl, Mortgage Lending West Gate Bank Mortgage.
Construction on the house began in July 2014. Tyler and Melissa watched their house come together as the summer went on, all while preparing for the newest addition to their family. They welcomed their second son in October, and in March the family will move into their brand new house. In addition to the USDA goal of providing adequate housing in rural areas and the mission of Three Rivers to create quality affordable housing to strengthen communities, the community of Lyons benefited with the addition of a new family to its community, a strengthened real estate base, and increased momentum for enhancing community development in Lyons.
Contact Krista Mettscher at 402-437-5518 or email@example.com on how to become an approved lender or for information on the Single Family Housing Guaranteed Loan Program.
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.