We help rural borrowers afford homes of their dreams.
Rural housing loans are designed to assist borrowers outside of urban areas become homeowners. These loans offer a variety of unique and attractive features for qualifying borrowers.
Perfect for you if:
- You rent in a rural area but want to own your own home.
- You want to move to a rural area.
- You need flexible loan terms.
Loan Features
- 102% financing options.
- First-time homebuyers and previous homeowners eligible.
Loan Benefits
- No down payment required.
- No Private Mortgage Insurance (PMI) required.
- Low interest rates.
Considerations
- USDA loans have an up-front guarantee fee and annual fee. The up-front guarantee fee is equal to 1% of the loan amount and may be paid by the borrower, seller, or financed into the loan. The annual fee must be escrowed monthly and is assessed for the life of the loan.
- USDA home loans also have certain property and income restrictions.
- The annual fee is .35% and is calculated on the “scheduled” amortization balance.
- Cannot currently own another home at the time of closing.
Terms
First Bank’s Rural Housing loan is available as a 30-year fixed-rate mortgage only.
Apply online today
Applying for a First Bank mortgage is fast, easy and secure. Before you begin, have the following information on hand.
Financial Information
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Income
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Your total assets
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Monthly expenses
Property Information
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Estimated purchase price and down payment amount (if buying)
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Estimated property value and loan amount (if refinancing)
Ready to get started?
Work with a local mortgage specialist
You may be interested in…
Loans are subject to credit approval.
For a $200,000 mortgage loan for a term of:
- 30 years fixed interest rate of 4.75%, with an APR of 4.906%, the monthly payment would be $1,043.29.
Based on 20% down payment and 1% Origination Fee. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. These payments are based on recent interest rates and can vary based on individual credit.