If you are a veteran interested in the agriculture industry and owning a farm, there are many resources available to you that are geared towards veterans in assisting the start of your farming career. The Department of Veterans Affairs (VA) offers USDA farm loans for veterans in Pennsylvania to promote the agricultural community and sustain family farms.
Startup costs for a farm are not cheap. While there are some specific requirements for obtaining USDA or Veteran farm mortgage loans in Pennsylvania, there are many benefits for eligible applicants.
A VA loan can be 100% financed, meaning a down payment is not required. However, making a down payment could help lower your interest rate, ultimately reducing the amount you have to pay for the property, as well as providing equity on the home.
No Limit to Acreage
When purchasing a home with land using veteran farm owner mortgage loans in Pennsylvania, there is no limit to how much acreage one can buy.
Low Mortgage Insurance Fee
Another advantage of farm loans for veterans in Ohio, Pennslyvania, and everywhere else, is the low upfront VA funding fee unless you are a veteran receiving disability compensation – then the funding fee is waited. This is much lower than FHA loans.
Unlike the FHA, USDA and Veteran farm mortgage loans in Pennslyvania are backed by a government agency – the U.S. Department of Agriculture and Department of Veterans Affairs. Because they are protected, the risk is low, hence why the mortgage rates are low as well.
As you can see, USDA or Veteran agriculture loans in Ohio are an extremely affordable option. No matter your income, USDA home loans allow you to purchase houses with land for sale in Ohio you never thought you could. While these loans are specifically for residential purposes only, there are other federal resources available to fund a nonresidential farm. At Farm Loan Center, we will assist you in lending options available that would otherwise be unobtainable. Contact us today!