USDA Rural Development has announced its Top 10 approved lenders in loan activity for its Guaranteed Rural Housing (GRH) loan program in Nebraska for Fiscal Year 2015 and its $2 million Club Lenders.
In Fiscal Year 2015, 75 approved lenders participated in the GRH program and provided more than $103 million to assist 1,030 rural Nebraskans to “build a better future together” through homeownership according to Nebraska State Director Maxine Moul for USDA Rural Development.
For the fifth straight year, Charter West National Bank in Columbus was the top lender. The bank generated 110 loans, totaling $11,060,940. In addition to first time home-buyers, existing guaranteed or direct loan borrowers may refinance their home loans under the GRH loan program. This provides a borrower with an opportunity to obtain a possible lower interest rate.
Top 10 Lenders are:
--Charter West National Bank-110 loans-$11,060,940
--Pinnacle Bank-85 loans-$8,627,409
--Platte Valley Bank-71 loans-$6,947,940
--Farmers & Merchants Bank-47 loans-$5,234,069
--Midwest Bank N.A.-46 loans-$3,821,609
--Cornerstone Bank-36 loans-$3,260,240
--First National Bank of Omaha-35 loans-$3,868,166
--West Gate Bank-34 loans-$2,678,496
--Liberty First Credit Union-32 loans-$4,755,415
--First Mortgage Company, LLC-31 loans-$3,014,588
In addition to the Top 10 Lenders by the number of loans, the following are lenders that are in the $2 million Club through the GRH Program in Nebraska:
$2 Million Club Lenders:
US Bank Home Mortgage-27 loans-$2,489,967
Great Western Bank-26 loans-$2,291,212
FirstBank of Nebraska-25 loans-$2,201,074
Elkhorn Valley Bank and Trust-25 loans-$2,132,726
BankFirst-24 loans-$2,152,500
Flagstar Bank-23 loans-$2,289,198
Wells Fargo Bank N.A.-23 loans-$2,217,331
Washington County Bank-21 loans-$2,238,451
These lenders were recognized by Rural Development with a plaque acknowledging their activity in the GRH program.
USDA Rural Development oversees a single family housing portfolio in Nebraska of more than $668 million, consisting of 8,426 loans that have maintained low delinquency rates. 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 through the fees generated through the loans.
Fiscal Year 2016 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. 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 76 out of the 93 counties throughout Nebraska.
For additional information on becoming an approved lender, contact Krista Mettscher at (402) 437-5518 or krista.mettscher@ne.usda.gov. Visit http://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program/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.