Can I get a loan for a hobby farm?
Absolutely! Farm Loan Center is a national company providing lending services and options, assisting people with Hobby Farm Loans, and Hobby Farm Loans for Veterans. People who wish to finance a home on a property where they can produce some supplemental income from agricultural activity such as crops, livestock, hay, alfalfa, etc need look no farther than "Farm Loan Center".
Contact us today at (800) 644-9039 to get you started with a hobby farm loan.
What is a hobby farm?
A hobby farm can have many different definitions. At it’s core, a hobby farm is something used primarily for pleasure or supplemental income rather than for primary income. The owner of a hobby farm typically has another primary source of income, like a full-time office job, or a pension or retirement income. The main point of a hobby farm is not to make money—it’s something that can be engaged in as a hobby.
What are some of the technical details of a hobby farm loan?
- Minimum loan amount is $100,000, maximum loan amount is $3,000,000
- Loans to 80% of the purchase price with no mortgage insurance
- Refinance or cash out to 80% of appraised value
- Cash out to 75% of appraised value, 65% on manufactured homes
- Maximum 42% debt-to-income ratio - dwelling must be 25% of overall value
- Primary residence or second home
- Income must be verified from pay stubs and/or tax returns
- No stated income documentation
- Credit Scores over 620
Farm Loan Center provides lending options for farms and agricultural properties in all 50 states. Our associations provide real estate financing and hobby farm loan options to more than 300,000 farmers and rural homeowners. From the first-time hobby farmer or rancher, to the established hobby farmer or rancher. Farm Loan Center has the hobby farm loans to fit your needs.