May 19, 2022
If you’re a veteran wanting to use VA farm loans to buy or refinance a home in a rural area where you can raise livestock or grow your own produce. If this program sounds right for you, then the Farm Loan Center can help you find out if you qualify and decide on the next step if you do. We are experts in rural loans for individuals with a specialty in helping veterans secure loans through the Veterans Administration (VA) and we’re here to help you understand the process of applying for VA farm loans.
At the Farm Loan Center, we know that after seeing the world while serving in the military, many veterans choose to settle down in rural areas after returning home. If you fall into this category, then the notion of starting a farm so that you and your family can live off the fruits of your own labor is likely something that appeals to you. Fortunately, as the name implies, VA farm loans will guarantee or insure financing to purchase a primary home for you and your family. The technical details of VA farm loans are as follows:
- No down payment with 100% financing
- Competitive low interest rates
- The Seller is allowed to pay the closing costs
- No limit on VA loans
- VA funding fee applies (though this can be waived)
- Credit Scores of 600+
- HIgher limit on debt ratios
Veterans with a VA related disability of 10% or more have the funding fee that is charged to non-disabled veterans waived. This fee can also be waived for surviving spouses of veterans who died in service or from a disability connected to their service. Additionally, purple heart recipients also qualify for this exemption.
Applicants with a credit score of less than 600 can still be eligible for VA farm loans provided their credit score is over 580 and they provide a 10% down payment and 3 months reserves.
No matter what region of the United States you want to settle in once your service is over, the Farm Loan Center wants to help you. Whether you want to be near the ocean on the West coast in California, the East coast in North Carolina or Florida, experience the bread basket climate and soil in Kansas or Nebraska, grow corn in Iowa, or raise longhorn cattle in Texas, the Farm loan center can help you apply for VA farm loans in any part of the country.
We at the Farm Loan Center want to help you navigate finding the home loan that works best for you and your family. Contact us at (800) 644-9039 to begin planning with our team or apply now online.