If you’re looking for a VA Farm Loan, you may feel overwhelmed by the process. It can be hard to sort through all of the options to determine what is right for your family. Luckily, The Farm Loan Center can help. As experts in helping veterans navigate the process of applying for a farm or home loan through the Veterans Administration (VA), we can help you understand the process of applying for a VA Farm Loan.
According to the VA, about 28 percent of all veterans live in rural areas. But you might be surprised to learn that approximately fifteen percent of veterans are homeless! Because some of those homeless vets live in rural areas, the VA Farm Loan program is part of the VA’s efforts to help veterans find affordable housing and to help end veteran homelessness. These loans can be used to buy, remodel or refinance a home in a rural area. The VA uses the U.S. Department of Agriculture’s definition of rural: “Sparsely populated areas – less than 10 percent of the working population commutes to any community larger than an urbanized cluster, which is typically a town of no more than 2,500 people.”
If you have served your country and traveled the world, you might be ready to settle down somewhere quiet to raise a family or just enjoy the next phase of your life in the wide open spaces. Maybe you are among the thousands of Americans who are interested in a sustainable lifestyle and want to grow or raise your own food.
- No down payment – 100% financing
- Competitive low interest rates
- Seller is allowed to pay all closing costs
- No VA loan limit
- VA funding fee applies, but can be waived with a VA service-connected disability – see below
- Available with a credit score of 600+
- Higher debt-to-income ratio
- Disabled Veterans with a VA related disability of 10% or more
- Spouses of veterans who died in service or from a service-connected disability
- Purple Heart recipients
There is no limit on acreage when the home is typical of the area where it is located. The primary purpose of the home should be residential, but small farming and limited farm animals, as well as non-commercial outbuildings are allowed. Working commercial farms are not allowed.