Allows for more affordable monthly payments. Rural Development is used in conjunction with NIFA programs for first time homebuyers. All processing is done at First National Bank. Conventional Loans Home purchase or refinancing available through Federal governed sponsors known as Fannie Mae or Freddie Mac. These types of sponsors require more down payment.
Longer terms make for comfortable payments, shorter terms save borrowers interest over life of loan.
Allows price range for any type of borrower. Short waiting period for loan processing and approvals. Adjustable rates, with conversion options. Saves borrowers money because interest is paid only on unpaid principal balance. Conventional loans can be used in conjunction with NIFA loan programs for first time homebuyers.