[June 18, 2014]LINCOLN,
IL - Illinois Rural Development Director Colleen Callahan Tuesday
recognized State Bank of Lincoln as the top lender for the Illinois
Single-Family Housing Guaranteed Loan Program in fiscal year 2013.
State Bank of Lincoln assisted 286 rural homebuyers by providing
over $24.2 million in loans.
"By utilizing the 100% financing and fixed rates provided through
Rural Development, this bank has opened the door of home ownership
to many people who would not have qualified for conventional loans,"
noted Callahan. "State Bank of Lincoln plays a significant and
highly valued role in strengthening our rural communities."
State Bank of Lincoln has participated in Rural Development
Guaranteed Rural Housing (GRH) loan program for more than 20 years,
beginning in December 1991, and growing to include other states in
addition to Illinois. One reason for the bank's high rate of
success is their network of third-party originators, holding
mortgages for multiple smaller banks, and providing education and
training in GRH loan underwriting and administration. "It helps the
individuals, it helps the communities, and it helps us, the banks,
provide the services that are needed," notes Jeanne Scheurer, Vice
President, State Bank of Lincoln. Following the bank's recognition,
Callahan met with Derek and Ashley Ried, who received a GRH loan
through the State Bank of Lincoln after recently relocating back to
Illinois to be closer to family.
In 2013 alone, USDA Rural Development helped more than 170,000 rural
residents nationwide become homeowners, investing over $23.4 billion
in loans, grants and technical assistance to provide affordable,
safe housing for rural families. In Illinois, over 4,500 rural
residents were assisted with over $454 million invested in loans and
grants to benefit rural Illinois families.
"The housing market has struggled and many of our rural communities
are suffering," says Barry Ramsey, Illinois Rural Development
Housing Program Director. "The financial investments made by Rural
Development strengthen and stimulate this important part of the US
The USDA is making changes to the Single-Family Housing Guaranteed
Loan Program in September 2014 which are designed to encourage more
new home construction and provide financial backing to participating
lenders when construction begins. The changes will also allow
participation of many small community banks and credit unions which
are currently ineligible.
Interested homebuyers can call the State Bank of Lincoln at
800-847-1536 or Rural Development at 866-481-9575 for more
information on the GRH program.
Housing programs available to rural communities include direct home
loans for low and very low income applicants, guaranteed home loans
for moderate-income applicants, home repair loans and grants for
critical improvements or repairs, and affordable rental housing and
rental assistance for residents in multi-family housing. More
information can also be obtained by visiting
www.rurdev.usda.gov/il or contacting one of the 12 Rural
Development offices serving Illinois and located in Bourbonnais,
Ottawa, Oregon, Princeton, Champaign, Effingham, Pontiac,
Jacksonville, Galesburg, Quincy, Mt. Vernon and Marion.
[Text received; U.S. DEPARTMENT OF
AGRICULTURE RURAL DEVELOPMENT DIVISION]
USDA is an equal opportunity provider and employer.
If you wish to file a Civil Rights program complaint of
discrimination, complete the USDA Program Discrimination Complaint
Form, found online at
http://www.ascr.usda.gov/complaint_filing_cust.html or at any
USDA office, or call (866) 632-9992 to request the form . You may
also write a letter containing all of the information requested in
the form. Send your completed complaint form or letter to us by mail
at U.S. Department of Agriculture, Director, Office of Adjudication,
1400 Independence Avenue, S. W, Washington, D.C. 20250-9410, by fax
(202) 690-7442 or email at