Finding 30 year, fixed rate financing for rural properties or hobby farms can be difficult.  Too often lenders decline to do properties because they have too much acreage.  We can help.  We offer 30 year, fixed rate loans for rural homeowners and part time farmers.  Some key criteria are:

RURAL HOMEOWNERS.

The properties primary use must be residential, however income may be generated from a small farming operation.  Key criteria are:

• Single family, owner occupied residence located on the property.

• The residence should be 50%, or more, of the appraised value.

• No maximum acreage.

• Private road is ok

• Manufactured housing is ok.

• Must be located in a rural area or town with a population of 2,500 or less.

• LTV up to 95%.  PMI is required on ltv’s greater than 80%.

PART TIME FARM LOANS.

This program is for the borrower who wants to conduct a small farming operation.  Key criteria are:

• Single family, detached residence located on the property.  May be either the primary residence or a second home.

• The dwelling should represent only about 30% of the appraised value.

• If the collateral consists of less than 5 acres, a minimum of $5,000 gross agricultural income is required.

• If the collateral consists of more than 5 acres, there is no minimum gross agricultural income, however the the collateral must be capable of agricultural income.

• No maximum acreage.

• Private road is ok.

• Manufactured housing is ok.

• The maximum ltv is 85%.  PMI is required on LTV’s greater than 80%.

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