USDA Recognizes Herget Bank as One of Illinois’ Top Guaranteed Housing Lenders

-
Herget Bank recently received a Million Dollar Lender plaque from the U.S. Department of Agriculture Rural Development, recognizing them as one of the top guaranteed housing lenders in Illinois for 2010. The Bank guaranteed $2.7 million to help 25 moderate income homebuyers purchase their first home or upgrade to a better one.

Herget Bank, with facilities in Pekin and Peoria, has a history of being one of the state’s top guaranteed housing lenders. The Bank is one of more than 300 lenders in Illinois who participate in Rural Development’s home loan program. The agency’s loan guarantees make purchasing a home in non-metropolitan areas more affordable for borrowers.

Homebuyers who used a guarantee for their home loan with Herget Bank were not required to make a down payment on their homes.  Eligible applicants who use the guarantee are able to finance up to 100 percent of the home’s value at a competitive 30-year fixed interest rate. The guarantee makes home loans even more affordable because borrowers do not have to pay monthly mortgage insurance premiums. Other program features include flexible credit guidelines and generous income limits. 

“Herget Bank has been an important asset to the area’s homebuyers, especially during this difficult housing market,” said Chris Mowrer in Rural Development’s Galesburg office. “Their commitment to making homeownership affordable and keeping the American Dream alive for families and individuals living in this area is commendable.”

For more information or to see if you qualify for a Rural Development loan from Herget Bank, please contact Mark Berger (309-347-0273), Jeannie Meronk (309-272-2386), or Sheila Walker (309-347-0271).

About Rural Development
Rural Development made $438 million in guarantees available for 4,785 homebuyers in Illinois in the last fiscal year. The agency works with lenders to ensure that housing in rural areas is affordable and safe.  Availability of quality housing is a key component of economic stability in rural areas.

Rural Development also provides financing and technical assistance to foster growth business development and critical community and technology infrastructure.  More information on USDA Rural Development programs is available on the web at www.rurdev.usda.gov/il. USDA is an equal opportunity provider, employer and lender.

Comments

Post a Comment

Popular posts from this blog

Illinois Chamber, Government Affairs Report

-
Image
          GOVERNMENT AFFAIRS ------------ Report     July 12th, 2024    This Week in Illinois   President & CEO Sandoval Testifies in Senate Transportation Committee Hearing on Mass Transit and the Economy   On Tuesday, the first of at least six hearings on public transit was held at the Bilandic Building in Chicago. There is an anticipated funding gap that will arise for regional transit in 2026 after COVID-related federal funding has been exhausted. The budget deficit is projected to be $730 million to return to pre-pandemic service levels. This first Senate Transportation Committee hearing was on how transit suppor...
Read more

Local High School to Win a SMART Board in 5th Annual Recycle Your Style Contest

-
Goodwill of Central Illinois will hold the 5th Annual Recycle Your Style Contest. High school students within Goodwill’s territory are encouraged to donate their used clothing. The high school that donates the most pounds of clothing will win a SMART Board donated by Bradfield’s Computer Supply. The contest runs from October 1st through October 31st. “This has been a very successful campaign for us,” said Bob Parkhurst, Goodwill Vice President. “We are grateful for Bradfield’s Computer Supply’s donation of a SMART Board each year. That prize really heats up the competition among the high schools.” Donations of items other than clothing are encouraged, but only clothing will count toward the contest. Only high schools are eligible, but others can participate including teachers, family and school supporters. Donors need to tell the Goodwill donation attendant which high school they are supporting for their donation to be counted. Donations can be made at any of Goodwill’s nine stores o...
Read more