In fiscal year 2016, WESTconsin Credit Union utilized more than $6 million of GRH program funds by financing home purchases to help moderate-income families in Wisconsin. Nearly 2,400 families across Wisconsin were able to purchase a home last year through the GRH loan program, totaling nearly $318 million.
“Working with our lending partners across the state, we’ve made a difference to those rural families prepared to take on the responsibility and benefits of owning a home,” said Schwobe. “We value our partnership with WESTconsin Credit Union and commend their achievement and contributions to meeting rural housing goals for Wisconsin.”
“WESTconsin Credit Union is pleased to receive recognition as a Platinum Lender for the USDA Rural Development loan program,” Kyle Zimmer, Assistant Vice President – Mortgage Origination reported. “We are even more pleased that so many of our moderate to low income members have benefited from this loan program, and pleased that members who may not have the financial means for a large down payment have been able to obtain an affordable loan to purchase a home,” he added. “WESTconsin looks forward to continued collaboration with USDA Rural Development as a means to help our members achieve financial success and home ownership.”
The Million Dollar Lender Award is given at four levels and is based on the total amount of funding utilized by the lender. First Year Million Dollar lender and Silver level disbursed more than $1 million, Gold level disbursed more than $2 million and Platinum level disbursed more than $5 million during the past year.
The GRH program assists home buyers 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 100 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. Eligible areas include rural regions and communities under 20,000 in population, and not part of a larger urban area. For further information on programs available through USDA Rural Development, call (715) 345-7611 or visit www.rd.usda.gov/wi.
Team members from WESTconsin Credit Union’s Mortgage department accept the 2016 Platinum Million Dollar Lender Award from USDA representatives.