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
- 30 Year Amortization*
- 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
- 1% Funding Fee Financed On Top Of The Loan Amount
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Loan rates and terms may vary. All loans subject to credit approval. Contact a banker for further details.
* Amortization can be paid off anytime with no pre-payment penalty.