Citizens Bank of Kansas N.A., Community Bank of the Midwest, Golden Plains Credit Union and Peoples Bank & Trust in McPherson are recipients of the USDA Guaranteed Rural Housing Program Outstanding Lender Award.
The award recognizes lenders who in partnership with USDA Rural Development have made a significant contribution in assisting rural Kansans with the financing and purchasing of a home. Awardees are being recognized for having the highest percentage of complete GRH applications turned into the Agency, as well as having less than three percent of first year home-loan delinquencies on GRH loans.
"USDA Rural Development has partnered with lenders across the state to assist thousands of rural Kansans achieve the dream of homeownership," stated USDA Rural Development State Director Patty Clark. "Providing excellent customer service and making quality loans are two critical elements for the Agency, and the awardees announced today exceed in both areas."
The GRH program assists homebuyers in obtaining a 30-year fixed-rate mortgage without the down payment typically required by conventional lenders and programs. GRH loans are financed through participating lenders, such as banks and credit unions, and are guaranteed by USDA Rural Development. The amount of the mortgage is limited by the applicant's repayment ability and can be made for up to 102 percent of the appraised value. There are no restrictions on the size or design of the home. Loan closing costs and repairs can often be financed with the home purchase.
Citizens Bank of Kansas was recognized for having the highest GRH complete application percentage in the state. According to Monty Applebee, Mortgage Specialist for Citizens Bank of Kansas, the Bank thoroughly reviews all underwriting decisions to ensure that they are submitting a quality, complete GRH application that meets all USDA Rural Development regulations before submitting it. Applebee credits Clay Garten, GRH Underwriter with Citizens Bank of Kansas, as the primary reason the bank has again been recognized in the state. The thorough application review that Citizens Bank of Kansas completes helps the customer meet critical loan closing deadlines.
"The bank utilizes USDA's GRH program because our network of banks in central Kansas are primarily located in rural areas, and the program is well suited to our customers who are looking to purchase a home," said Applebee. "The GRH program has no down payment required, and has the most favorable interest rate of any real estate loan out there."
Since 2009, nearly 6,000 Kansas families have become homeowners by utilizing the GRH loan program. Eligible GRH loan areas include rural regions and communities generally less than 20,000 in population, and not part of a larger urban area.
For more information on GRH loans visit the Agency's website, http://www.rurdev.usda.gov/KS_Home.html or contact a GRH team member at a USDA Rural Development office closest to your home:
Garden City USDA RD office, (620) 275-0211, Ext. 1428, [email protected]
Hays USDA RD office, (785) 628-3081, Ext. 1446, [email protected]
Manhattan USDA RD office, (785) 776-7582, Ext. 1402, [email protected]