Monday, February 7, 2011

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.

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