December 23, 2021
If you’re looking for VA loans for farms, you may feel overwhelmed by the process. It can be hard to sort through all of the available options and figure out which of them you are qualified for. That’s where the Farm Loan Center can help. We are experts in helping veterans navigate the process of applying for a farm or home loan through the Veterans Administration (VA). Our team of experts can help you understand the process of applying for VA loans for farms.
According to the VA, about 28 percent of all veterans live in rural areas. You may be surprised to learn that approximately fifteen percent of veterans are homeless. A portion of those live in rural areas. VA loans for farms are part of the VA’s efforts to help veterans find affordable housing and to help end veteran homelessness. These loans can be used to acquire, update or refinance a home in a rural area.
After years of seeing the world while serving your country, you may be looking for a rural property where you can settle down and enjoy some peace and quiet. Perhaps you are among the thousands of Americans who are interested in a sustainable way of life. As modern life becomes more and more hectic, many people long for the slower pace and larger spaces offered by rural areas. Whether you dream of raising bees in an Oregon apple orchard, raising cattle on the plains of Kansas, or harvesting your own sweet corn in Ohio, the Farm Loan Center can help make your dreams a reality.
At the Farm Loan Center, we specialize in helping veterans discover which VA loans for farms will best suit their needs. The VA offers the following benefits for Veterans 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+ (580+ with 10% down payment and 3 months reserves)
- Higher debt-to-income ratio
The following 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
There are a few other things you should know when looking for VA Loans for farms. There is no limit on acreage when the home is typical of the area. Also, although the primary use should be for residential purposes, small farming and limited farm animals, as well as non-commercial outbuildings are allowed. (Working commercial farms are not allowed.)
At the Farm Loan Center, we will work hard to help you find the loan that’s right for your family. Contact us at (800) 644-9039 and talk to our team of experts. They will help you get started on your journey to rural living.