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Financing for First-Time Homebuyers: What Rural Homebuyers Should Know

A mom holding her son on the porch of their new rural home.

Moving to the country can be an exciting change for you and your family. Whether you’re looking for more space, to be closer to nature or something entirely unique, we’re here to help you every step of the way, starting with advice for first-time rural homebuyers from our team of experts.

Budget early

Start the home buying process by establishing a baseline budget. With Rural 1st, there is a minimum down payment requirement. A Rural 1st Loan Officer can help assess your finances to determine what you can afford for both a down payment and monthly payment. Understanding your budget will help set parameters for your real estate search. Don’t forget to account for closing costs, which cover any fees associated with appraisal, title searches, etc.

Dream big

Once you have a budget, start building your wish list of everything you want in your new home. Include both nice-to-haves and need-to-haves—such as a finished basement, fenced yard, onsite pond, acreage and more—so that you can make sure you get the home you’ve dreamed of. And don’t get discouraged if the home you decide on doesn’t check every single box—you can always add on in the future with a home equity or remodel/repair loan.

Credit is key

In addition to your cash savings, your credit plays a significant role in homebuying. Your credit score is based on your existing debt and a number of other factors. It is one of several factors used to determine the loan amount you’re eligible for. Your Rural 1st Loan Officer can review your score and give you tips on how to improve your credit, if needed, to ensure you’re in great shape when it’s time to apply for a loan. When closing on a loan, you should also avoid large purchases such as appliances as well as substantial influxes of cash, which can impact your credit.

Loans are flexible

No matter your budget or wish list, Rural 1st can help you find a loan to meet your needs. We know that no loan is one-size-fits-all, so we offer various options and will work with you to determine what’s best for you. We also value any site improvements and outbuildings on the property, meaning more land equity for you.

Experts make it easy

Finally, if the prospect of purchasing a rural home is a bit overwhelming, working with a team of experts can give you peace of mind and make the process easier. We live out here, too, and understand the nuances of rural home buying.

Navigating rural living as a first-time homebuyer may seem daunting, but with these insights and support from our team, we will make sure you are equipped to make informed decisions that get you Closer to What Matters®.

Get started today.

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