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Home Financing to Build Our Local Communities

Rural America holds a unique charm, with its wide-open spaces, tight-knit communities, and a sense of tranquility that's hard to find elsewhere. While life in rural areas offers many rewards, access to affordable housing and robust community services can sometimes be challenging. That's where the USDA Guaranteed Rural Development Program comes into play, creating opportunities for rural residents to thrive and live the American dream of homeownership.

Preferred Lender

USDA Guaranteed Rural Development Loans

First Bank and Trust Company is an active participant in the USDA Guaranteed Rural Development Program, allowing us to provide financing for individuals and businesses in our local communities throughout Virginia, North Carolina and Tennessee.

We are a preferred lender for USDA Guaranteed Rural Development Loans. These home loans are a government-backed effort targeting low to moderate-income individuals and families in rural regions. They provide low interest rates and no down payment, enhancing access to homeownership for those who may not meet the criteria for conventional mortgages.

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The USDA Guaranteed Rural Development Program is designed to promote homeownership in rural and suburban areas, offering unique opportunities for eligible individuals and families. Understanding the eligibility criteria is crucial for those looking to benefit from this government-backed initiative.

USDA Guaranteed Rural Development Loan Eligibility Criteria:

  • Geographic Location: USDA Loans are specifically available for properties located in eligible rural and suburban areas. These areas are designated by the USDA and are characterized by lower population densities.
  • Income Limits: There are income limits associated with USDA Guaranteed Rural Development Loans. To qualify, your household income must fall within the specified limits for your area. These limits are determined based on the size of your household.
  • U.S. Citizenship or Legal Residency: Applicants must be U.S. citizens, non-citizen nationals, or qualified aliens with legal residency.
  • Creditworthiness: While USDA Loans are known for their flexibility, applicants are still required to meet certain creditworthiness standards. A stable credit history enhances eligibility.

Contact First Bank and Trust Company, a preferred lender for USDA Guaranteed Rural Development Loans, to determine if you meet the specific eligibility criteria for this program.

Mortgage Bankers

To secure financing through the USDA Guaranteed Rural Development Program, meeting specific requirements is essential. Here's an overview of the key requirements to consider:

USDA Guaranteed Rural Development Loan Requirements:

  • Property Standards: The property being financed must meet certain standards to ensure it is safe and sanitary for occupants. The USDA has guidelines to assess the condition of the property.
  • Proof of Eligibility: Applicants must provide documentation proving their eligibility, including proof of income, citizenship or legal residency status, and other relevant information.
  • Loan Purpose: USDA Guaranteed Rural Development Loans can be used for various purposes, including home purchases and refinancing.
  • Occupancy: The property financed through a USDA Loan must be used as the primary residence of the borrower.

Our team at First Bank and Trust Company is ready to assist you in navigating the specific requirements associated with USDA Guaranteed Rural Development Loans.

Mortgage Bankers

USDA Guaranteed Rural Development Loans offer competitive interest rates, making homeownership more affordable for eligible individuals and families.

Key Features of USDA Loan Rates:

  • Low Interest Rates: USDA Loans often come with low and competitive interest rates, helping borrowers save on the overall cost of their mortgage.
  • Fixed-Rate: A fixed-rate USDA Loan provides borrowers with predictable payments and an interest rate that remains the same throughout the life of your loan. 
  • Loan Term Options: USDA Loans typically provide low interest rates and no down payment, allowing borrowers to secure a repayment plan that suits their budget and financial goals.
Mortgage Bankers

Choosing a USDA Guaranteed Rural Development Loan comes with a range of benefits, making homeownership more accessible and affordable for those in rural and suburban areas.

Key Benefits of USDA Guaranteed Rural Development Loans:

  • No Down Payment: One of the most significant advantages is the ability to finance 100% of the home's purchase price without the need for a down payment.
  • Low Monthly Payments: Competitive interest rates and extended loan terms contribute to lower monthly mortgage payments, enhancing affordability.
  • Flexible Credit Criteria: USDA Loans are known for their flexibility in credit requirements, providing opportunities for individuals with varying credit profiles.
  • Government Backing: Being a government-backed program adds a layer of security for borrowers, often resulting in more favorable terms and conditions.
  • Community Thriving: By promoting homeownership in rural areas, USDA Guaranteed Rural Development Loans contribute to the thriving and sustainability of local communities.
  • Rolling Closing Costs: Depending on the property apraisal, closing costs can be potentially rolled into the loan amount. 

Contact First Bank and Trust Company to explore how USDA Rural Development Loans can benefit you and your homeownership journey in rural or suburban regions.

Mortgage Bankers

Key Benefits of USDA Guaranteed Home Loans 

We understand the importance of rural America and the unique needs of our rural communities. USDA rural development loans provide the resources and support needed to create opportunities for our rural residents.

  • No Down Payment Required: This stands out as a major perk of USDA Guaranteed Rural Development Loans. While traditional mortgages often call for hefty down payments, these loans don't require any, making them an excellent choice for those with limited savings.
  • Income Limits: Your household must fall into the USDA’s income limits for your area. These limits vary by location and number of people within your household.
  • Credit Score: USDA loans are more forgiving than conventional loans, but a reasonably good credit score is still vital. Usually, a score of 660 or higher is a good guideline, but lower scores can be accepted with strong compensating factors.
  • Stable Income: Lenders will want to see that you have stable income to ensure that you can make your mortgage payments. 
  • Occupancy: You must intend on living in the home as your primary residence. USDA loans are not for investment or vacation properties.
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Steps to Follow

Applying for a USDA Guaranteed Rural Home Loan

Our team is here to make sure you have everything you need throughout the loan application process, from gathering the necessary documentation to helping you submit your application with ease. Here are your steps to securing your rural development loan:

  1. Determine Eligibility: First, make sure you're in a USDA-qualified rural area and meet the eligibility criteria.
  2. Find Your Dream Home: Locate a property that meets the program's safety and sanitary standards.
  3. Choose Us: Select First Bank and Trust as your trusted lending partner. We have the experience and expertise to guide you through the process.
  4. Apply for Your Loan: Work with First Bank and Trust to complete your application and documentation.
  5. Approval and Closing: Wait for loan approval, and once it's secured, proceed with the closing process.
USDA Property Elegibility

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