STEVENS POINT, Wis. (7/24/14)--Royal CU, Eau Claire, Wis., with $1.4 billion in assets, is the recipient of the 2013 Platinum Million Dollar Lender Award by U.S. Department of Agriculture Rural Development State Director Stan Gruszynski.
The annual award is presented to lenders that have partnered with and made significant contributions to supporting rural residents in Wisconsin who are looking to become homeowners through the USDA Guaranteed Rural Housing (GRH) program.
"As a result of the Guaranteed Rural Housing program, we have been able to help many more members accomplish the dream of homeownership," said Matt Gerber, Royal CU vice president of mortgage loan sales. "This particular program is one of the only remaining no-down-payment programs offered in the industry."
In 2013, Royal leveraged more than $5 million of GRH program funds to help finance home purchases for families of moderate income in Wisconsin. Nearly 4,000 families across the Badger State bought homes last year thanks to the GRH loan program.
Loans secured through the program are financed by participating lenders and guaranteed by USDA Rural Development. The loan amount is limited to the applicant's ability to pay off the mortgage.
Eligible areas include rural regions or communities under 20,000 in population.
The past few years have been challenging for homebuyers in rural areas of Wisconsin, Gruszynski said, adding: "Working with our lending partners across the state, we've made a difference to those rural families prepared to realize the responsibility and benefits of owning a home."