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There's still time to take advantage of homebuyer's tax credits...the IRS extended the deadline into 2010.

2010 Home Mortgage Tax Credits

• First-Time Homebuyer's Tax Credit - First-time homebuyers can receive a tax credit of 10% of the purchase price of the home, with a maximum available credit of $8,000.  The home purchased must be your principal residence and be purchased before May 1st, 2010 (and with a closing date before July 1st, 2010).
• Move-Up/Repeat Homebuyer's Tax Credit - Move-up/repeat homebuyers may qualify for a tax credit of up to $6,500, or $3,250 for a married person filing a separate return.  The home purchased must be your principal residence and be purchased before May 1st, 2010 (and with a closing date before July 1st, 2010).
  
  Please contact your accountant or the IRS for more details.

If you're not in the market for a new home, you can still receive a tax credit when you make your home more energy efficient.

2010 Home Improvement Tax Credits

• The Recovery Act - Encourages homeowners to make their homes more energy efficient.  Homeowners may qualify for a tax credit of 30% of the cost of all qualifying improvements (the maximum available credit is $1,500) placed in service in 2009 and 2010.  Qualifying improvements include the addition of insulation, energy efficient exterior windows, and energy efficient heating and air conditioning.
  
  Please contact your accountant or the IRS for more details.

Loans and Mortgages to Attain Your Dreams

With loans and mortgages from Rural American Bank, you have financing options for all kinds of goals. Maybe it’s your dream home, cabin, investment property or that long-awaited remodeling project. Maybe it’s a car, vacation or boat. Or maybe it’s simply an unexpected expense.

Products You Need: Our mortgages and personal loans are as varied as your individual needs.

Services You Expect: Get great rates, flexible terms and fast responses.

Convenience You Deserve: Check your accounts in person, by phone or online – and choose easy automatic payments.

Installment Loans

Finance a wide range of personal needs. We’ll work with you to design an installment loan program that fits your financing needs.

• Various loan purposes:
  • Automobile and truck
  • Boat, snowmobile and ATV
  • Recreational vehicle
  • Vacation
• Competitive rates and flexible terms
• Automatic payments
• Online banking access to loan information

Home Equity Loans and Lines of Credit

Take advantage of the hard-earned equity you have built up in your home. It’s an attractive tax shelter and source of funds for nearly any purchase. A home equity loan is a one-time advance with a variety of repayment options. With a home equity line of credit, funds are available to you by writing a check or making a telephone transfer. (Consult your tax advisor to learn specific requirements for your individual financial situation.)

• Competitive annual percentage rates
• Flexible terms, including interest-only payment options
• Automatic payments
• Access funds in person, by check, by phone or online

Home Improvement Loans and Second Mortgages

Remodel a kitchen or bath, add a family room, build a garage, replace the roof or finish the basement. Enhance the investment in your home through a specific project. We’ll design a home improvement plan that fits your financing needs.

• Competitive loan rates
• Flexible terms
• Automatic payments
• Online banking access to loan information

Mortgages

Build or purchase a home. Purchase recreational land. Refinance your home. It’s an enjoyable and exciting time – and we’re here to help with the process. We’re one of the most flexible and friendly mortgage lenders in the area. We’ll be there at every step, from preapprovals through arranging your closing details.

After closing, the majority of our mortgage loans are serviced locally. This gives you easy access to your mortgage, competitive rates and local answers to your questions.

Conventional Loans and Refinancing
Choose from fixed interest rate, adjustable rate and balloon loan options. Lower your down payment requirements with insured loans. Cash-out refinancing options are also available.

First-Time Homebuyers Program
If you’re a first-time homebuyer, special assistance may be available. The Minnesota Housing Finance Agency (MHFA) offers loan programs with below-market interest rates for low-to-moderate income borrowers. Purchase price limitations may apply.

Government Guaranteed Loans (Federal Housing Administration - FHA and Rural Development - RD options where available)
If you require a low down payment, consider government-guaranteed mortgages. FHA-insured loans have minimal down payments, while RD-insured loans have no down payment requirements. These programs may also offer higher qualifying debt ratios, making it easier to obtain a loan.

Construction Loans
From blueprints to finished construction, our construction loan specialists work with your home-building circumstances. Open a line of credit for construction costs, make interest-only payments during construction, and refinance your construction loans when the home is completed.

If you are interested in a mortgage loan, contact one of our loan officers for competitive rates and friendly service.

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