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VA Rural Home Loan

The Veterans Administration guarantees/insures farm loans that allow for Veterans to purchase a primary home or refinance their current home in a rural, suburban or urban environment. There is no limit on acreage as long as the property is typical of the area. The highest and best use should be for residential purposes. Tillable ground, limited farm animals and small farming is allowed. Non-commercial outbuildings are allowed. Working commercial farms are not allowed. Farm Loan Center provides the lending options available for Veteran loan farm financing to support the growing need for financing in Rural America.

loan features:

1. No down payment – 100% Financing 

2. Competitive low interest rates

3. Seller is allowed to pay all closing costs

4. VA funding fee applies (Note: **Funding fee is waived with VA service connected disability)

5. Loan amounts up to $1,094,625 in qualified counties across America

6. Credit scores of 550+ 

7. Higher limit on debt ratios

**Disabled Veterans with a VA related disability of 10% or more are waived of the funding fee charged to non-disabled Veterans. Surviving spouses of Veterans who died in-service or from a service-connected disability also qualify for the exemption.  

Rural Home Loans Hobby Farm Loans

A Rural property is a primary residence which may or may not include acreage and is located in a rural area or in a town having a population of 2,500 or less. Only minimal agricultural activity is permitted. Generally, little or no income is derived from the property and as in value of the farm-type outbuildings must not exceed 20% of the appraised value. Family farm animals such as horses and 4-H Project animals and barns are allowed to be on the property.

Requirements:

  • Minimum loan amount is $100,000

  • Maximum loan amount is $453,100

  • Must be able to make a minimum down payment of 5% on a purchase

  • Refinance to 95% of appraised value

  • Cash out to 80% of appraised value

  • Primary residence only

  • Income must be verified from pay stubs and/or tax returns

  • No stated income documentation

  • Minimum credit scores of 640 

FHA, VA and USDA Loans

Requirements:

  • FHA Loan for the Purchase of Rural Property

     

  • Low down payments – up to 97%

     

  • Low closing costs

     

  • Easy credit qualifying

     

  • Property cannot exceed 20 acres

     

  • Value of dwelling must be 50% of appraised value

 

 

 

 

 

Commercial Farm and Bare Land Loans

Requirements:

  • FHA Loan for the Purchase of Rural Property

     

  • Low down payments – up to 97%

     

  • Low closing costs

     

  • Easy credit qualifying

     

  • Property cannot exceed 20 acres

     

  • Value of dwelling must be 50% of appraised value

 

 

 

 

Conventional Loans

USDA loans are available in areas where the population is below 20,000.  Towns close to large metropolitan areas do not qualify.  Maximum income varies by geographic area and is based on 115% of the HUD median income.  Contact us to find out if you qualify!

Requirements:

  • 100% Financing

     

  • No cash back

     

  • Closing costs can come from any source 

 

 

 

 

 

 

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