Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9

Important Information: We’re here to help, click here for important information on our coronavirus response.

Back
Scroll to top

Rural Housing Loans

Claim your corner of the countryside.

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
  • Income
  • Your total assets
  • Monthly expenses
Property Information
  • Estimated purchase price and down payment amount (if buying)
  • Estimated property value and loan amount (if refinancing)
Work with a local mortgage specialist

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.

Trending Topics

FHA Mortgage Loan Insurance

If you’re in the market for a new home, it’s quite likely that you have thought about acquiring mortgage loan insurance through the Federal Housing Administration (FHA). Established in 1934, the FHA has helped millions of...

New Business Loan in Jacksonville, NC

First Bank helps businesses get off the ground in Jacksonville, NC with our new business loans and various sets of helping hands. Our new business loans can provide a lump sum of cash for your business to finance...

Wilmington Bank

Wilmington, North Carolina, has a lot to offer, and that includes the town’s financial institutions. The very best qualities of Wilmington’s banks are evident in the five First Bank locations found on Oleander Drive, South...

Compare First Bank Checking Accounts

If you’ve begun the process to compare bank accounts, it’s important that you review the options that differentiate them. Fortunately, you have a local partner in First Bank — a bank that offers a variety of checking...

How to Switch Banks in Asheville, NC

Choosing the right bank for you is important to achieve your financial goals. If you’re unsure if your current bank is meeting your financial needs or are moving to the Western Carolina area, it’s time to think about...

Get a Lower Interest Rate By Refinancing Your Mortgage Today

With mortgage rates remaining low, whether to refinance or not has been a common question asked among our customers. Read on to learn more about the “the what” and “why” part of refinancing if you’re debating whether or...

Apply for a Personal Loan in Lillington, NC

If you’re looking to apply for a personal loan* in Lillington, NC, stop by the First Bank on South Main Street for competitive loan rates and flexible terms. Our banking experts will help you customize your personal loan...

Highest Yield Savings Account

A high yield savings account is a great way to grow your money over the long term. First Bank has several options for those searching for the highest yield savings account available to them. Read on to learn more about the...

How to Open a Checking Account – South Carolina

If you are wondering how to open a checking account in South Carolina, your local First Bank can help. The first step is deciding what type of checking account is best for you. After choosing an account that fits your...

High Interest Checking Accounts In Florence, SC

If you are looking for a high-interest checking account in Florence, South Carolina, look no further than your local First Bank. Our high-interest checking accounts provide you with a safe and convenient way to store your...