Affordable USDA Home Financing Now Available From the Farmers State Bank of Waupaca
Stevens Point WI, May 02, 2008 – The U.S. Department of Agriculture Rural Development State Director, Frank Frassetto, announced the approval of the Farmers State Bank of Waupaca as a Guaranteed Rural Housing (GRH) lender.
“We welcome the Farmers State Bank of Waupaca to our growing list of approved lenders offering GRH financing and look forward to this new partnership – working together to make the dream of homeownership possible for all Wisconsin rural residents”, said Frassetto. “Building partnerships is a great way for our agency to meet the challenges put forth by the Bush administration to increase home ownership in rural America,” he added.
The GRH program assists low to moderate-income homebuyers in obtaining a 30-year fixed rate mortgage without the down payment or monthly mortgage insurance typically required by conventional lenders. Home mortgages can be made for up to 102% of the dwelling’s appraised value and in some cases, may include closing costs and repairs.
Approximately $5 billion in GRH loan funds are available this fiscal year to assist homebuyers nationally. Over 760 Wisconsin families became homeowners during this past year using the GRH loan program. Eligible areas include rural areas and communities under 20,000 population, which are not part of a larger urban area. The Farmers State Bank of Waupaca will make this affordable home financing option available through its offices in Waupaca, Wild Rose, and Fremont. They can be contacted at (715) 258-1400 or www.fsbwaupaca.com for more information.
USDA Rural Development is an equal opportunity lender with a variety of direct and guaranteed rural credit programs involving single and multi-family housing, community facilities, water and sewer development and business and industry programs. Further information on programs available through USDA Rural Development can be obtained by visiting any Rural Development office, calling toll free at 1-866-474-3600, or visiting the agency’s web site at www.rurdev.usda.gov/wi.
