Lincoln Savings Bank is #1 Community Bank in Iowa for USDA Home Loans

posted Erik Skovgard 3/14/2016 in CEO Messages

#1 Community Bank for USDA Loans

A Message from Lincoln Savings Bank President / CEO Erik Skovgard

Having grown up in Iowa, I’m encouraged when I see the public and private sectors partnering to build programs that help Iowans and develop rural America.  We are surrounded by examples of government waste and it is frustrating for taxpayers.  But, there are examples of government programs that help hardworking people, that aren’t looking for handouts, to be part of the American dream.  That’s why I’m very proud to share a big achievement for Lincoln Savings Bank.  In 2015, we were the #1 community bank in the state of Iowa for USDA guaranteed home loans, writing 129 mortgages totaling over $14 million of home loans.

The United States Department of Agriculture (USDA) Guaranteed Home Loan Program is based on the belief that “Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.” Lincoln Savings Bank has been serving rural Iowa communities since 1902, which is one reason we are so successful with this program.  Many of our branches are located in the communities that qualify for this home loan program.

Another reason for our success with this program is because we operate a sophisticated mortgage department that has full underwriting capabilities typical of large urban regional banks.  Our mortgage sales staff is experienced with USDA home loans, and the programs they offer, which helps us identify when a customer is likely to qualify for the program.  Our staff is also not scared by the extra work required of the program.  They are not compensated on fees generated, because we want our team to strive to put every customer in the best home loan product for their situation, even if it means more work and potentially less income for the bank.  We know that doing the right thing for our customers will pay off in the long run.

For home buyers that qualify, the USDA guaranteed home loan program is often the best product for the customer because it offers the flexibility of 100% financing on fixed rate home loans, low rates, low fees and minimal mortgage insurance compared with other mortgage products.  It’s an excellent option for first time home buyers as well as those that might be upgrading to a home that better meets their family’s needs.

I am so proud of the hard work and dedication of our mortgage lenders and entire staff.  As Lincoln Savings Bank continues to grow, we have not lost sight of our rural Iowa roots that have brought us success for more than a century.  We will continue to do the right thing for our client every time they entrust us with their financial decisions, earning their loyalty.

Visit the USDA website for more information on the USDA Guaranteed Home Loan Program for Iowans.  I encourage you to request a Free Consultation with one of our mortgage experts if you’re interested in learning about the USDA Home Loan program.

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Lincoln Savings Bank, Member FDIC

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