Rural Land and Home Financing Center
Rural 1st offers the financing you need to make the move to country living. Financing for country living is all we do, so you'll find a wide range of solutions designed specifically for rural living and a skilled team of specialists to help you put your plans into motion.
What types of financing does Rural 1st offer?
Whatever rural life you envision, we have the financing to make it happen. Rural 1st can finance every phase of your move to country living — from buying land and constructing your home, to expanding, adding outbuildings and making improvements over time.
We offer Home Loans, Lot Loans, Recreational Land Loans, Construction Loans and Home Equity Loans.
What makes Rural 1st different from other lenders?
Rural 1st provides custom financing for rural property purchases and construction projects. Our experience and focus on rural lending allows us to offer loans and financing packages tailored to each buyer’s specific needs. As experts in rural lending, our skilled team members and technology streamline the loan process. Financing for country living is all we do.
It's difficult to find a home loan for a rural property. Can Rural 1st help?
At Rural 1st, we offer financing for purchasing or refinancing your home with a variety of fixed and adjustable rate options— like our 15/30 adjustable loan that offers the security of a longer fixed-rate period, along with a lower interest rate*.
We can lend on homes and properties in rural areas. And we value both the acreage and improvements, like the home and barns on the property. You can also choose the down payment option that fits. Many lenders require a large down payment to avoid Personal Mortgage Insurance (PMI), but at Rural 1st you can put down less with no PMI.
I want to build my own home from the ground up. Does Rural 1st offer financing to do that?
Yes. At Rural 1st you can go from construction to permanent financing with one simple loan package — refinancing is not required when the project is complete. We allow the land you’re building on — rather than only the dwelling value — to be used as equity for your down payment**, so you can maximize the amount of your financing. And during the construction process you have the option to lock in your loan with variable-to-adjustable or fixed-rate financing***.
Can I choose my own builder?
Yes. Choosing a contractor is your decision, so we’ll work with your choice. If you have experience and well-documented plans, you can even be your own self-contractor.
And you can take up to one year to complete your project. Many lenders require you to finish building within a six-month window. At Rural 1st you can take a full year to complete your project — allowing time for weather and schedule delays.
Does Rural 1st offer financing to buy acreage or bare land?
Yes. At Rural 1st we make financing bare land simple. We value both the acreage and any barns or outbuildings on the property to help you qualify for the maximum loan amount.
It’s difficult to find fixed-rate financing for bare land. At Rural 1st we offer the security of a fully fixed-rate loan, as well as adjustable-rate options to choose from. Our loans are truly amortized with no balloon payments, and you can choose the term and down payment that are right for you.
We want to buy a property for fishing and hiking not to build a home. Can Rural 1st help?
At Rural 1st we lend on bare land for recreational purposes with a minimum of 10 acres that includes at least five acres of cleared land or 20 acres of wooded land.
We offer the security of a fully fixed-rate loan, as well as adjustable-rate options to choose from. Our loans are truly amortized with no balloon payments, and you can choose the term and down payment that are right for you.
I want to make improvements to my country property. Does Rural 1st offer financing to help me do that?
When you’re ready to buy more land, build a barn or outbuilding or make property improvements, Rural 1st can help with a home equity loan. We make the process as simple as possible. Once your loan has closed, it’s easy to access your funds with convenient drafts and online transfers.
Rural 1st offer flexible payment options, so you can make interest-only payments or principal and interest payments any time — without pre-payment penalties or fees. And as you repay your loan balance, your credit line is replenished, so you can keep using it for additional expenses.
*Provided that eligibility requirements are met. All loans are subject to credit approval and eligibility. A $200,000 loan would require 15% down payment with 360 equal payments of $954.83 at an APR of 4.08%. Assuming $2,000 in closing costs. Rates subject to change without notice. Rate as of 8/2/2019.
**Subject to review and approval. All loans are subject to credit approval and eligibility.
***There is a $500 fee for a one time close conversion to permanent fixed rate financing.
Rural 1st is the tradename for the consumer lending division of Farm Credit Mid-America. Rural 1st is also available to consumers within the territories of participating Farm Credit System Associations.