Anyone desiring the rural lifestyle is eligible for a home loan as long as they, and the loan, meet these requirements.
Home loan eligibility:
- Farmers - Gross farm income of $500 or enough land to produce $500 in farm income annually.
- Rural Residents - Home located in a town with less then 2,500 in population, a rural subdivision, or on less than five acres, with no ability to generate $500 gross farm income.
- W-2 income, business income or cash flow that allows you to make monthly payments.
- May not exceed consumer mortgage lending ratios (determined by using total monthly payment obligations vs. monthly income at ≤28% PITI; and TMO ≤ 36%).
Home loans remain in-house. We never sell loans to the secondary market. This means you'll always do business with Farm Credit.
- Loans tailored to YOUR needs.
- Loans serviced by your local branch office for the life of the loan!
- Variety of loan options & terms (FIXED-RATE OPTIONS up to 30 years).
- Loans for land, acreage or lots that you intend to build a home on someday.
- First-time real estate buyer or ownership credit for qualifying borrowers.
Members love our home construction loans because we wrap the construction loan and final permanent mortgage in ONE EASY LOAN CLOSING! Saving you time and money!
Storm Shelter Loans
Your peace of mind is important to us. We finance professionally constructed and installed storm shelters, up to $7,500 per shelter. Quick, easy application process.