State Bank of Lincoln recognized as USDA Rural Development Top Lender

[November 15, 2016]  LINCOLN - USDA Rural Development in Illinois today recognized State Bank of Lincoln as the top lender for the Illinois Single-Family Housing Guaranteed Loan Program in fiscal year 2016. State Bank of Lincoln assisted 170 rural homebuyers by providing more than $14.6 million in loans.

“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.

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]