Frequently Asked Questions
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We offer a variety of fixed, adjustable and variable rate products and loan terms to fit your needs. Learn more about loan options here.
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We offer a variety of mortgage options to fit your needs including home loans, construction loans, lot loans and land loans. Learn more about loan options here.
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At Rural 1st, we offer bare land loans on 10 acres and up, including open land, timbered or a combination of both. For home, lot, and construction loans, you will need to purchase a property that meets one of the following criteria:
- On 5 or more acres
- Outside the city limits (no acreage requirements)
- In a city with a population of less than 2,500 people (no acreage requirements)
For more information about your specific property, please reach out to one of our loan officers.
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Pre-approval requires a hard credit pull and is valid for 6 months. However, prequalification only requires a soft credit pull and is valid for 90 days.
A hard credit pull occurs when a financial institution checks your credit when making a lending decision. Hard pulls are common when you apply for a mortgage, loan, or credit card and you generally have to authorize them. It is recommended to be mindful of the amount of hard pulls, as multiple hard pulls in a short period of time could affect your credit score. You may also hear the term “soft pull” (also known as a “soft credit check”). A soft pull is when a company or person checks your credit as a part of a background check. Unlike a hard pull, soft pulls do not affect your credit score.
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Yes, we allow you to be your own contractor but you must meet certain criteria. Connect with a loan officer to learn more about the requirements.
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At Rural 1st, we do not require you to use a specific builder, but we do have requirements your builder must meet to ensure you have as smooth of a construction project as possible. Residential construction must be the builder’s full-time occupation and the builder must be able to manage the scheduling of all subcontractors and ordering of all materials. Your Rural 1st loan officer may also request two to three addresses of other homes the builder has built for verification. Connect with a loan officer to learn more about the requirements.
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Yes, Rural 1st does finance land improvements. Connect with a loan officer to learn more about the requirements.
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Yes, we offer real estate improvement loans for homeowners. This loan covers improvements that don’t increase your square footage. For example, finishing your basement, pool installation, carport, deck, landscaping, driveway, etc. Connect with a loan officer to learn more about the requirements.
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Sorry, Rural 1st does not offer VA loans.
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Yes. However, this program has specific requirements of the third party lender. Contact a Rural 1st loan officer to discuss eligibility and sign up the lender.
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Our construction loan allows you to request an additional 10% in construction funds to give you the flexibility to upgrade material quality during construction. This can be offered when the loan to appraised value amount allows us to stay within our guidelines. Contact a Rural 1st Loan Officer for more information.
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A bankruptcy must be discharged for at least four years.
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No. However, the landowner will need to sign the mortgage acknowledging the lien against the property.
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Construction loans differ from traditional home loans based on how the payments are dispersed. To learn more, read our article, “Answering Your Top Rural Home Construction Questions.”
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Construction projects are detailed and nuanced. A strong loan officer and builder team can help you determine final costs. Check our article, “Answering Your Top Rural Home Construction Questions,” to get started.
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Calculating the total cash needed to start your home building project is an important step to knowing how much you can afford. Check our article, “Answering Your Top Rural Home Construction Questions,” to get started.
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The financed amount of the project will vary based on the type of home built and how much of the work you plan to complete yourself (if any). Learn more about the financing process in our article, “Answering Your Top Rural Home Construction Questions.”
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Rural 1st uses the one-time loan closing option which allows borrowers to close with a fixed interest rate and only one set of closing costs. The one-time closing process does not require you to go through another loan application or approval process. Learn more about our process in our article, “Answering Your Top Rural Home Construction Questions.”
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Whether or not you own the lot you plan to build on, we can help. If you haven’t already found and purchased your lot, we can take care of financing that. Learn more about our lot financing options for a future construction project, or to learn more about the financing you’ll need to build your dream home, connect with a Rural 1st Loan Officer.
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When it comes to selecting your home’s design, Rural 1st can work with you to finance a wide variety of home types. From the standard stick build to barndominiums, connect with a loan officer to talk over your plans.
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Rural 1st offers a 12-month construction period to build your home.
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We have a dedicated team to help with payment assistance options. You may contact us by phone at 1-800-848-6165 or by email at [email protected].
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We have several assistance options available including (but not limited to) rescheduling, re-amortization, deferral, and extension of maturity. After reviewing your financial information, we can discuss the best options for your situation. Contact us at 1-800-848-6165 or [email protected].
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The information needed will depend on several factors. Please reach out to our team for a complete list of items needed. Required information may include the following:
- Description of hardship
- Plan to bring the account current
- Earning statements for the past three years (W2’s if W2 wage earner)
- Earning projections for three years (if applicable)
- Tax returns for the past three years (all pages)
- Two most recent bank statements (all pages)
- Current balance sheet
- Two most recent pay stubs (if W2 wage earner)
- Other documents supporting sources of income (such as social security/disability award letters)
- If you have experienced a divorce since the loan originated, please include a copy of the divorce decree
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For your benefit and assistance, there are government-approved homeownership counseling agencies designed to help homeowners avoid losing their homes. To obtain a list of approved counseling agencies, please call 1-800-569-4287 to find a housing counselor, call the Hope hotline at 1-888-955-HOPE, or find counseling services here.
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Please contact us at 1-800-848-6165. We may need to collect additional information before releasing account information. If you believe you may be a successor in interest or have rights to the property, please reach out to us for further information on becoming confirmed as a successor in interest. For all legal matters, including estate advice, consult an attorney.
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Please contact us at 1-800-848-6165.
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Rural 1st does not offer a first-time buyer program, however our loan officers are a valuable resource. Connect with a loan officer to learn more.
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Sorry, Rural 1st does not offer USDA loans.
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Yes, we offer loans on bare and timbered land without an intent to build. Learn more about land financing here.
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