SCOTTSBLUFF — Platte Valley Mortgage Company, a subsidiary of Platte Valley Companies in Scottsbluff, was recognized Tuesday by USDA Rural Development Executive Director Karl Elmshaeuser as a top 10 lender for the fiscal year 2018 USDA Rural Development’s Guaranteed Rural Housing (GRH) loan program. The company ranked fourth as they provided more than $6.5 million in home loans, allowing more than 64 rural Nebraska families to have the opportunity of home ownership.
“This is one of the best parts of my job,” Elmshaeuser said. “I have heard nothing but positive comments and how much people appreciate your efforts.”
Eighty-two approved lenders participated in the GRH loan program during the fiscal year, providing more than $102 million in assistance to 940 rural Nebraska households. The GRH program helps first-time home owners and those who are seeking a different home because of changing family needs.
“The USDA Rural Development program has served our community for many years,” said Hod Kosman, president and CEO of Platte Valley Companies. “As a financial institution, we take pride in our partnership with the Rural Development so that we can help families throughout the Panhandle become homeowners.”
Private lending institutions such as PVMC provide guaranteed financing through the USDA and feature no down payment to eligible households and no maximum mortgage limits. The program has been an attractive one in the Panhandle to assist people seeking to purchase a home.
“These loans don’t just happen,” Kosman said. “It takes a lot of commitment to get it done to help theses people who are often first-time home buyers.”
Kosman said everyone involved in the program benefits.
“Millions of dollars go back into our local economy,” Kosman said. “To those families, this is a big deal here.”
PVC has rated in the top five of lenders for many years. Kosman said that although the housing market in Scottsbluff is steady but not booming, the bank continues to be busy completing many home loans. The USDA program is a good resource to use to help the housing market even in tough times.
“We have a great appreciation to the lenders and the families to access the program,” Kosman said. “We’ll be here again next year.”
For more information on the guaranteed rural housing program, contact Platte Vally Bank at 308-632-7004.