USDA Rural Development Recognizes 2014's Most Active Mortgage Lender Partners in Iowa

Name
Darin Leach
City
Des Moines
State
Iowa
Release Date
Jan 27, 2015

Bill Menner, USDA Rural Development State Director in Iowa, today recognized the state’s most active lenders who used the agency’s guaranteed home loan program to help rural Iowans achieve their homeownership dreams in 2014.

“We greatly appreciate all of our lender partners for their continued participation in our guaranteed home loan program last year,” Menner said.  “Together, we made great strides in providing quality housing opportunities to qualifying homebuyers in rural communities and areas across the entire state.”

Lenders accessed more than $240 million last year to assist 2,338 rural Iowa households with their home mortgage purchases. The most active participating lenders include:

2014 Loan Origination
These lenders worked directly with residents to initiate home loans in rural Iowa.

Wells Fargo Bank N.A. – 132 loans totaling $13,494,990
Residential Mortgage Network – 122 loans totaling $15,562,555
Lincoln Savings Bank – 111 loans totaling $12,408,621
Northwest Bank – 78 loans totaling $7,573,822
Compass Mortgage – 70 loans totaling $8,261,936

Lenders originating more than 50 loans in 2014: Premier Home Mortgage, Ackley State Bank, Citizens First National Bank, Team USA and United Bank of Iowa.

2014 Loan Writing
These lenders provided mortgage services from processing to closing for rural Iowans purchasing home loans via local lenders last year. 

Wells Fargo Bank N.A.  – 159 loans totaling $17,005,273
Iowa Bankers Mortgage – 156 loans totaling $12,548,722
Residential Mortgage Network – 122 loans totaling $15,562,555
Lincoln Savings Bank – 111 loans totaling $12,408,621
Northwest Bank – 78 loans totaling $7,573,822

Lenders writing more than 50 loans in 2014: American Southwest Mortgage Corp., Compass Mortgage, Premier Home Mortgage, Ackley State Bank and United Bank of Iowa.

With guaranteed lending a loan is made to a borrower by the bank following the same basic steps as a conventional loan. USDA Rural Development provides up to a 90 percent guarantee to the lender on qualifying loans, reducing the lender’s risk in the event of a default by the borrower.

USDA Rural Development’s guaranteed home loan and direct home loan programs offer competitive interest rates, fixed terms and require no down payment to help eligible families living in rural communities and areas purchase new or existing homes.  Loans, and some grants, are also available to help families make needed repairs to their homes.

Typical income limits for a household of four are $74,750 for USDA Rural Development’s guaranteed loan program and $47,850 for the direct loan program. Income limits vary by county and household size, so applicants are encouraged to contact their local USDA Rural Development office for limits in their specific area.

Eligible homes must be located in a rural area and/or a community of generally less than 20,000 residents.

“Expanding and preserving homeownership and housing opportunities is a major part of the foundation for a stronger, more prosperous rural America,” Menner said.

Further information on programs available through USDA Rural Development is available by calling (515) 284-4444 or by visiting the agency’s web site at www.rurdev.usda.gov/ia.

USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities and areas.  Office locations include a State Office in Des Moines, along with Area Offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.

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.