August 26, 2021
When investigating VA Loans for homes or farms, you may find that the process seems very complex and hard to navigate. That’s where we come in! At the Farm Loan Center, we are experts in helping veterans through the process of applying for a farm or home loan through the Veterans Administration. Our team of experts can help you understand the process of applying for either a VA Loan for Farms or VA Rural Home Loan.
According to the Veterans Administration, an estimated 6.1 million American veterans – about 28 percent of all veterans, live in rural areas. About fifteen percent of veterans are homeless, with a portion of those living in rural areas. As part of their efforts to help veterans find affordable housing and to help end veteran homelessness, the VA offers home loan programs to help veterans acquire, update or refinance a home in a rural area.
Perhaps you are looking for a rural property to escape the pace of the big city, or maybe you’re interested in self-sustainability as a way of life. Thousands of Americans are discovering that the slower pace and larger spaces offered by rural areas are leading them to happier, healthier, more balanced ways of living. Whether you dream of eating a jar of home-canned tomatoes while watching winter snows fall in Pennsylvania, or keeping a few animals in Oregon to help your kids learn where their food comes from, we can help you find the financing you need to achieve your desires.
At the Farm Loan Center, we specialize in helping veterans discover what options are available for VA loans for farms or homes, and to determine what loan option works best for them. The VA offers the following benefits for Veterans when receiving a home loan:
- 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
The following people are eligible to have the funding fee waived:
- 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
A few other things you should know when looking for VA Loans for farms or homes are that there is no limit on acreage when the home is typical of the area. Also, the primary use should be for residential purposes, but small farming and limited farm animals, as well as non-commercial outbuildings are allowed. (Working commercial farms are not allowed.)
If you’re looking for a hobby farm in Ohio or a horse ranch in Texas, we can help you find the loan that’s right for your family. Contact us at (800) 644-9039 and our team of experts will help you get started. You served your country. Now let the Farm Loan Center serve you as you look for your dream home.