The recognition was for the partnership the bank has with Rural Development's Guaranteed Rural Housing program. The presentation was in conjunction with the proclamation that June is Homeownership month.
First Midwest Bank utilizes the Guaranteed Rural Housing program to assist individuals and families may be eligible to become homeowners.
With this program, a conventional lender (bank, savings and loan, mortgage company, etc.) actually make the loan and Rural Development guarantees repayment of the loan. The program allows for purchase of a new home or an existing home. For households that qualify for financing, no money down is required since 100 percent loans are available under this program. Some or all the closing costs may also be included in the loan if they are within the appraised value of the home. Loan payments are based on market interest rates with a 30-year fixed term. Both real estate taxes and insurance are typically escrowed and included as part of the monthly payment.
Anyone seeking information about the Rural Development Guaranteed Rural Housing program may visit the homepage at http://www.rurdev.usda.gov/mo/
or by contacting the local office at 831 S. Highway 105, Charleston, MO 63834 or by calling (573) 649-9947, extension 4.