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

Your Community Bank

If you live in North Carolina or South Carolina, you have a ton of banking options right outside your door. Large financial institutions may seem like your best option for banking services at first, but community banks...

Best Savings Account for Kids in Wilmington, NC

By simply opening one of the best savings account for kids in Wilmington, NC, you can set your child up for future financial security through First Bank. First Bank has five locations in Wilmington, and each offers a...

Highest Yield Savings Account – Asheboro, NC

For customers who do not need immediate access to their funds, a Certificate of Deposit, or CD, is one of the highest yield savings accounts offered at First Bank in Asheboro, NC. The Wall Street Journal defines CDs as...

Personal Finance Tips for Beginners

Reading personal finance tips is a great way to start thinking about your budget and saving for the future. If you’re just beginning to think about your financial future and retirement, there are a number of things you...

Your Community Bank – Asheville NC

At First Bank, we believe that part of being your community bank in Asheville, NC, means offering services that meet the needs of everyone. From checking and savings accounts to mortgages and personal loans, First Bank...

What Are 30-Year FHA Mortgage Rates?

If you are considering applying for an FHA loan to purchase a home, you may be wondering, “What are 30-year FHA mortgage rates?” If you want to find out what the current average 30-year FHA mortgage rates are, the most...

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...

Where to Get 15-Year Mortgage Rates

If you’re ready to buy a home, you’re probably wondering where to get 15-year mortgage rates, or you may just be wondering what a mortgage is. First Bank will go over your options with you and help you determine what type...

Bank Rewards

What if you had a card that gave you the ability to redeem points for what you want when you want it? How would you feel if those points could be redeemed for travel, gift cards to restaurants, retail and merchandise...

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...