FAQs

Our minimum loan amount is $20,000 and our maximum is $2.9 million.

Our maximum loan-to-value is 95% for Rural Home Loan purchase or limited cash-out refinance transactions and 90% for cash-out refinance transactions. Additional pricing applies for cash-out over 70%.

For Part-time Farm Loans the purchase or limited cash-out refinance limit is 85% and the cash-out refinance limit is 75%. These limits are reduced as the loan amount increases.

For all Rural Home Loan purchase transactions a down payment of 5% of the purchase price will be required.

For Part-time Farm Loan purchase transactions you will need a down payment of 15%.

Gift funds and seller contributions are acceptable as long as you have a minimum of 5% of your own funds invested in the transaction.

We have a reduced doc program up to loan amounts of $250,000. For loan amounts up to $150,000 we require application, bank statements, disclosures, appraisal and title.

For loans $150,001 to $250,000 we require the same plus a pay stub and one year of tax returns. We may require 1 year tax returns on loans up to $150,000 for self-employed borrowers.

With the Part-time Farm Loan you may use equity in existing property to purchase additional land. This land does not necessarily have to be contiguous with your existing property.

Multiple parcels, contiguous or non-contiguous are eligible even if deeded separately.

As a rule we do not finance rental or investment property. However, in certain circumstances we can finance part-time farm property that is to be rented if you are a full time farmer.

No, we do not offer financing for land being developed.

Yes, as long as you intend to eventually build your primary residence on the property.

Yes, in some programs. Certain loan programs do restrict financing to those properties located in a rural area or town with a population not exceeding 2500.

Unique types of dwellings are acceptable as long as the value can be supported by the appraisal with comparable structures from the same market.

If there are comparable structures in the market but they have not sold the appraiser can use other types of construction with the appropriate adjustment for market acceptance as long as he adequately supports the acceptability of the unique type of structure in the market.

Yes, horse farms that include boarding, training or breeding operations are eligible. However, projected income from these operations can not be used for qualification. If income from these properties is needed for qualifying you must have a two year history of such income supported by your Federal income tax returns.

No, there is no limit on the number of acres we can finance. However, the size and nature of the property may determine which products are available to you.

For all Rural Home Loans you must occupy the property as your primary residence.

No. However, the programs available to you may be limited if you do not intend to produce some limited farm income or if the land is not capable of sustained agricultural activity.