Rural Development Loans assists in providing low- and moderate-income households with the opportunity to own adequate, modest, decent, safe, and sanitary dwellings as their primary residence in eligible rural areas. This loan gives families and individuals the opportunity to buy, build, or repair affordable homes located in rural communities.
American Bank and Trust is an approved lender of the USDA Section 502 Guaranteed Loan Program.
Features & Benefits of a Rural Development Loan
- Available For First-Time Homebuyers and Repeat Homebuyers
- No Down Payment Required
- Low Mortgage Insurance Rates
- Can Borrow Up To 100% Of The Appraised Value
- Grant Funds, Subordinate Financing, Gift Funds, etc. May Be Eligible To Help With Closing Cost
Rural Development Loan Qualifications
- Available To U.S. Citizens, U.S. Non-Citizen Nationals, or Qualified Aliens
- Minimum Credit Score 640
- Applicable Only To Rural Areas
- Must Be Primary Residence, Single Family, Stick-Built Homes
- Strict Income Limits Depending On Household Size And County Of Purchase
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- Streamlined Application with a user-friendly, paperless application process.
- Real-Time Updates through instant notifications on your application milestones.
- Secure Document Uploading means no more lost paperwork or hassles!
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Find Your Perfect Mortgage Loan Officer
A great home buying experience starts with great home buying partners. Meet your American Bank & Trust mortgage team and discover an outstanding group that truly lives at the intersection of what if and why not? With AB&T home loan experts, you’ve got neighbors you can always count on.
Looking for more information about Home Loans? Visit the South Dakota Housing Development Authority.
*APR (Annual Percentage Rate). Rates are subject to change without notice. Contact a Mortgage Loan Officer (MLO) at American Bank & Trust for current rates. This is not permanent financing. Loan subject to credit approval. Offer subject to end without notice. Some restrictions apply. Ask for details. American Bank and Trust NMLS# 774689.
