In honor of June being national homeownership month, USDA Rural Development is recognizing its top three lenders under the Guaranteed Rural Housing (GRH) loan program in North Dakota. In the past year, 61 approved lenders around the state participated in the GRH program and financed $58.2 million to assist rural residents achieve homeownership.
The top three lenders include:
• Gate City Bank: 56 loans, $7.5 million
• Dakota Community Bank & Trust: 43 loans, $7 million
• First Community Credit Union: 38 loans, $4.1 million
These lenders were recognized by Rural Development and received a plaque acknowledging their activity in the GRH program and commitment to providing homeownership opportunities.
“By partnering with local lenders, we are able to help more people buy their own homes,” said Rural Development Acting State Director Bill Davis. “This is important as homeownership means long-term financial stability and security for rural families."
USDA Rural Development oversees a single-family housing portfolio in North Dakota of $288 million, consisting of more than 2,600 home loans.
The GRH program is a federal program that is budget neutral. The program does not rely on tax dollars and is self-supporting through fees generated by the loans. The home loans 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 in a rural community with a population of 35,000 or less.
For additional information on becoming an approved USDA lender, contact Tim Wanner at (701) 530-2046 or at email@example.com. To learn more about Rural Development programs, visit http://www.rd.usda.gov/nd.
Gate City Bank employee photo, L to R: Shawn Carlson, Liz Wolter, Lora Stebleton, Kevin Hanson, Brent Olson, Bill Davis (USDA), Shelly Dale, Roseann Lund, Rebecca Pratschner, Lois Wegleitner, and Lori Johnson.
Dakota Community Bank & Trust employee photo, L to R: Josh Kramer (USDA), Tim Wanner (USDA), Mandi Lembcke, Dawn Magstadt, Katie Greenstein, Dale Pahlke (Bank President), Bill Davis (USDA), Mark Larson, Debby Wisdom, Carri Kalfell, Sara Vukelich, Mike Morey and Jenna Lannoye.
First Community Credit Union employee photo, L to R: Mark Schlenvogt (USDA), Bill Davis (USDA), Tanya Nenow and Kelly Heyer