“Using 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,” said
Colleen Callahan, USDA Rural Development Director for Illinois. “The
State Bank of Lincoln plays a significant and highly valued role in
strengthening our rural communities.”
State Bank of Lincoln has participated in the Rural Development
Guaranteed Rural Housing (GRH) loan program for nearly 25 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. 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.
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In 2016 alone, USDA Rural Development in Illinois helped more than 3,000 rural
residents become homeowners, investing more than $351 million in loans, grants
and technical assistance to provide affordable, safe housing for rural families.
“The financial investments made by Rural Development to ensure housing for rural
residents is a strong contributor to our community economic development
efforts,” said Lindsey Keyes, Illinois Rural Development Housing Program
Director.
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.rd.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.
[United States Department of
Agriculture, Rural Development via State Bank of Lincoln] |