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.
- 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.
- 102% financing options.
- First-time homebuyers and previous homeowners eligible.
- No down payment required.
- No Private Mortgage Insurance (PMI) required.
- Low interest rates.
- 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.
First Bank’s Rural Housing loan is available as a 30-year fixed-rate mortgage only.
Applying for a First Bank mortgage is fast, easy and secure. Before you begin, have the following information on hand.
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.