Rural Home
Agri-One Financial has loans available to finance your rural home property. If you own or are purchasing a country home with acreage in a rural community, we have the product for you. Long-term fixed and adjustable rate loan 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 located on the property
- Must be located in a rural area or municipality of 2,500 population or less
- Loan to Value up to 80% with a maximum loan amount of $417,000
- Must have 20% of own funds down
- Dwelling value may not exceed $269,807
- Typical contributory value of the dwelling should represent a minimum of 35% of the loan amount
- Generally limited to properties no larger than 50 acres. Minimal or no farm income generated from the property
- Maximum contributory value of farm type out buildings, fixtures such as barns, arenas and fencing or permanent plantings may not exceed 20% of the appraised value
- Acreage must be typical as supported by comps and property must be residential in nature
- Appraisals for this program must be HVCC compliant
CUSTOMER QUALIFICATIONS
- Two years established employment and/or stable income
- Minimum credit score of 620 with no mortgage lates in the past 12 months
- Minimum net worth of $50,000
- Monthly Housing Expense and Income Ratio of 28% or less
- Monthly Debt to Gross Income Ratio of 36% or less
- Minimum cash reserves equal to two months PITI
- Flexibility in the above ratios with compensating factors such as excellent credit, substantial cash reserves or low loan to value
PRODUCT LOANS
- Fixed rates: 10-year, 15-year, 20-year and 30-year
- Adjustable rates: 1-year, 3/1 and 5/1 with 5-year to 30-year term
- Adjustable rates: 10/1 and 15/1 with 15-year or 30-year term