BISMARCK, N.D., June 24, 2024 – Throughout the month of June and in celebration of Homeownership Month, U.S. Department of Agriculture (USDA) Rural Development State Director for North Dakota Erin Oban recognized the top three North Dakota lending partners working with USDA Rural Development to support rural homeownership thus far in fiscal year 2024. These three lenders helped rural individuals and families buy homes through USDA Rural Development’s Single Family Housing Guaranteed Loan Program.
The Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own a primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers – so no money down for those who qualify.
The agency presented awards to the following institution leaders and their mortgage teams:
- Western Cooperative Credit Union, based in Williston Group Photo
- First Community Credit Union, based in Jamestown Group Photo
- Bravera Bank, based in Dickinson Group Photo
“Housing affordability and accessibility continues to challenge many North Dakota families and communities, but by utilizing USDA Rural Development programs, these lenders are reducing barriers, like eliminating the need for a down payment, to make homeownership more within reach,” said Oban. “We commend lenders like Western Cooperative Credit Union, First Community Credit Union, and Bravera Bank for using the tools provided by USDA Rural Development to benefit homebuyers and recognize the crucial role these lenders play in expanding homeownership in rural areas.”
USDA touches the lives of all Americans each day in so many positive ways. Under the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, promoting competition and fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.