Bare Land or Lot

Agri-One has financing for bare land/lot purchases or rate and term refinances. If you’re thinking of building or retiring to your dream home away from the stressful city to the quiet country life, then this program is for you. There must be the intent to build a primary residence on the property at sometime in the future. When you’re ready to build on the property, we have construction/permanent financing available.

Key Criteria for Eligible Loans

Minimum loan amount $20,000
Refinances are for rate and term only
Maximum loan-to-value is 85% up to 40 acres with 5 to 30 year loan terms
Maximum loan-to-value is 75% over 40 acres with 5 to 25 year loan terms
Must be purchased for the intent of eventual construction of a single- family, owner-occupied, primary residence
Intent to generate a gross farm income of $500 per year required on parcels over $106,500 in value
Neighborhood covenants cannot restrict agricultural production on land over $106,500 in value
Must be located in a rural area or town with a population of 2,500 or less
No seasoning required on down payment funds
Gift funds can be used as down payment

Customer Qualifications

Two years established employment and/or stable income
Acceptable 24 month credit history with 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. Exceptions to this ratio must meet the following criteria: credit scores above 700;12 months cash reserves;$4,000 monthly residual income and no delinquency on term debt in the last 12 months.
Minimum cash reserves equal to two month’s PITI
Flexibility in above qualifications with compensating factors such as excellent credit, substantial cash reserves or lower loan-to-values

Products

Adjustable rates: 1-year, 5-year, 10-year or 15-year with 5 – 30 year terms
Fixed rates: 10-year, 15-year, 20-year and 30-year