June 9, 2022
Are you a veteran looking to use VA loans for farms to buy or refinance a home in a rural area where you can raise livestock or grow your own produce? 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 loans for farms. Below is a good start on the information you’ll want to know before you get started applying for this program.
Our expert team at the Farm Loan Center knows that after their time serving in the military, veterans tend to choose to settle down in rural areas after returning home. If you fall into this category, then the idea of starting a farm to feed you and your family is likely something that appeals to you. VA loans for farms will guarantee or insure financing to purchase a primary home for you and your family. The prerequisites necessary to qualify for this program 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
The funding fee that is charged to veterans without a disability is waived for veterans with a VA related disability of 10% or more. Additionally, purple heart recipients and surviving spouses of veterans who died in service or from a disability connected to their service also qualify for this exemption.
If you’re interested in applying but have a credit score under 600 you can still be eligible for VA loans for farms provided your credit score is over 580 and you are able to provide a 10% down payment and 3 months reserves.
No matter where in the US you want to move to once your service is over, the Farm Loan Center can help. Whether you want to be near the beach in California, North Carolina or Florida or experience the bread basket climate and soil in Kansas or Nebraska, the Farm loan center can help you apply for VA loans for farms 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.