Part-time Farm

Farm Real Estate Loans

Agri-One has loans available to finance your part-time farm property. If you own or are purchasing a part-time or hobby farm we have the product for you. Long-term fixed and adjustable rate products are available. Manufactured housing (doublewide or larger on a permanent foundation) and construction/permanent financing is also available. We offer competitive rates and a variety of loan products to meet your financing needs.

Key Criteria for Eligible Loans

Single-family, owner-occupied, detached primary residence or second home located on the property
Loan-to-value up to 85% with a maximum loan amount of $3.0 million
Private mortgage insurance required with a loan-to-value greater than 80%
Typical contributory value of the dwelling should represent a minimum of 30% of the appraised value
No acreage limitation
Income from the property may be used to qualify
Non-contiguous properties are eligible

Customer Qualifications

Two years established employment and/or stable income
Acceptable 24-month credit history with a minimum credit score of 620
Monthly Housing Expense to Gross Income ratio of 28% or less
Monthly Debt to Gross Income ratio of 36% or less
Minimum cash reserves equal to two month’s PITI
Flexibility in the above ratios with compensating factors such as excellent credit, substantial cash reserves or low loan-to-value

Products

Fixed rates: 10-year, 15-year, 20-year and 30-year fixed rate loans
Adjustable rates: 1-year, 3/1, 5/1, and 7/1adjustable rate with 5-year to 30-year term
Adjustable rates: 10/1 and 15/1 adjustable rate with 15-year and 30-year term