USDA Rural Development recognized Platte Valley Bank yesterday for their outstanding efforts in utilizing the Rural Development Guaranteed Rural Housing (GRH) program. Abby Hargreaves, who became a homebuyer through the GRH program was presented with a United States of America flag that had been flown over the Capitol in D.C. and also a plaque to celebrate her becoming a first time homebuyer.
Platte Valley Bank was instrumental in Abby Hargreaves journey home. Abby dreamt for a long time of a house for her kids to call home. She had rented housing in Morrill, Nebraska most of her adult life. Abby’s homeownership journey began seven years ago when her daughter was born.
The process for looking for a house started in Morrill. The housing market was difficult due to the influx of people that came to Morrill because of the unavailability of housing in Torrington, Wyoming where a new prison was being built. Needless to say, the market was scarce for housing. Abby widened her search to include Mitchell and Scottsbluff, Nebraska, as her kids were already in the Mitchell school system. Abby was getting discouraged year after year, as houses would come and go on the market but they were either too small or overly priced. She kept researching different types of loans available, watched her credit and pursued looking at potential properties.
Abby met Ken Meyer from Champion Realty as he was showing a property that she wanted to look at. The journey continued as the pieces for finding the right house started to fall into place. Ken informed her of a grant that was just obtained for new home buyers that would help with closing cost and repairs. It felt like Ken was taking her under his wing so to speak, helping her navigate the world of home buying. Ken sent Abby a property listing to go through from which she looked at a few homes. Finally, Ken sent her a property listed in Mitchell that she had previously looked at. At that time the house was of disarray with holes in the walls, water damage, and a bee hive in one of the bay windows. Going back to see it again was hard. Ken informed her that the house had been purchased and renovated by a family and she should consider another look before it hit the market the next day. Happy she took that second look because this time she fell in love with the home immediately. It was everything that she wanted and needed for her family. Deb Hudson at Platte Valley Bank walked Abby through the financial world of home loans. She answered every question with quick and reassuring answers, which made Abby trust her. Abby put in her first offer for the house which was the scariest thing she had ever done and yet exciting! The owners countered back then she countered back the same day. Abby worked night shift feeling nervous wondering if they were going to accept her offer. When she got off work Wednesday morning, she went to bed. Ken called her mid-morning and asked her if this was the homeowner of 50530 Wood Stock Drive in Mitchell, Nebraska? He had to repeat himself three times when he finally told Abby, that they took her offer, and the house was hers. That was the happiest moment for Abby and her family!
On May 26, 2017 the keys were handed over to Abby. That afternoon, Abby took her kids to their new house and took a picture of them putting the key in the door together for the first time.
Platte Valley Bank has been the top GRH lender in ScottsBluff County during the last five years originating 294 home loans using the GRH program. In the last five years, the USDA Single Family Housing GRH program assisted 473 families to achieve homeownership totaling over $48.7 million in Scottsbluff County.
Expanding and preserving homeownership is an important foundation to the economy and provides stability in rural communities. Available housing is important in supporting employers in the community, provides a place “where jobs sleep” and allows families to live and raise their families in communities where they work.
USDA Rural Development also offers a direct loan program that offers up to 100% financing for a home purchase. Financing is available with interest rates at 3.25% and below, and households may qualify for rates as low as 1%.
These affordable rates with no or a low down payment makes homeownership affordable and may be less than rent. Low interest rate loans at 1% are also available for home repairs for existing homeowners for very low income households. Grants are available for elderly households 62 years of age or older for home repairs that are unable to repay a loan.
You too can become a homeowner! Please contact a Rural Development office to obtain an application. USDA Rural Development has four offices across the state to serve rural Nebraskans with housing opportunities. Office locations include a State Office in Lincoln, along with Area Offices in Lincoln, Scottsbluff, Kearney, and Norfolk.
You may also visit our website at http://www.rd.usda.gov/ne and click on the link for “Single Family Housing Direct Home Loans” under the Key Feature Programs for more information and a list of contact information.