Contact

Affordable Home Loan Options

First-time homebuyer loans and affordable housing grants are available!
 Navigating the home-buying process doesn’t have to be hard. If high interest rates are preventing you from owning a home, reach out to a First Bank & Trust Mortgage Loan Officer to find loan options that work for your budget. 

First-Time Homebuyer

As a South Dakota Housing Development Authority and Minnesota Housing Finance Agency participating lender, we offer a first-time homebuyer loan. With options for no down payment and low rates, it can be a good option for new homeowners and those who haven’t owned a home in the last three years. Talk with a mortgage banker about restrictions that apply.
 

Grants for Grads

The Grants for Grads homeownership program through South Dakota Housing Development Authority that provides five percent of the loan amount as a grant to be used for downpayment and/or closing cost assistance when recent graduates wish to purchase their first home in South Dakota. See your mortgage banker for complete details. 

 

Mortgage Rate Relief

Beginning March 3, 2025, Homebuyers earning up to 80% AMI (Area Median Income) may qualify for an approximate 1.5% lower mortgage interest rate than the current market rate on a 30-year fixed-rate mortgage loan. Mortgage Rate Relief is made available by the Federal Home Loan Bank of Des Moines and First Bank & Trust.  Reach out to your mortgage banker to find loan options that work for your budget.  

HomeReady Mortgage

Leverage HomeReady Mortgage (Opens in a new Window), a dynamic mortgage solution that reduces the barriers to homeownership for low-income and very low-income borrowers.  Put opportunity within reach for more homebuyers. Learn how borrowers can qualify. As Low as 3% Down. $2,500 Borrower Credit. Flexible Funding. Free Online Resource. Talk to a mortgage banker for details.   

Make an Informed Decision

When it comes to purchasing a home, there's a lot to know. We’ve compiled some resources to help you plan for and understand your mortgage.

Request a Free Consultation

Navigating the mortgage process doesn't have to be difficult. Our expert loan officers will answer all your questions, and help determine which options make the most sense for you.

Ready to Apply?

Complete our online mortgage application to move things along faster.

The Institution ID numbers for First Bank & Trust charters with the NMLS Registry are as follows: First Bank & Trust (includes Milbank, Toronto, Vermillion, Canton, Garretson, Madison, Watertown, and White in South Dakota and Pipestone, Cambridge, East Bethel, Edina, New Prague, Princeton, and Roseville in Minnesota) – 409296.