Part-time Farm

Agri-One Financial 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) 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
Typical contributory value of the dwelling should represent a minimum of 30% of the appraised value if a primary residence and 50% if second home or rental/investment property
No acreage limitation
Income from the property may be used to qualify
Property must have agricultural potential and borrower must have intent to do something ag in nature. If refinancing a second home, rental property, or investment property the property must be currently farmed
Must have 15% down payment for loan amounts up to 500,000 for a primary residence
Must have 25% down payment for loan amounts up to 500,000 for a second home, rental property, and investment properties. Terms are limited to 20 years

CUSTOMER QUALIFICATIONS

Two years established employment and/or stable income
Acceptable 24-month credit history with a minimum credit score of 620 and no mortgage lates in the past 12 months
Minimum net worth of $50,000
Monthly Housing to Gross Income Ratio of 28% or less
Monthly Debt to Gross Income ratio of 36% or less
Minimum cash reserves equal to two months PITI

Products

Fixed Rates: 10-year, 15-year, 20-year and 25-year fixed rate loans
Adjustable Rates: 1-year, 3/1, 5/1, and 7/1adjustable rate with 5-year to 25-year term
Adjustable Rates: 10/1 and 15/1 adjustable rate with 15-year and 25-year term

For More Information Contact:

Agri-One Financial
303-773-3545
steve@agrionefinancial.com