ARE YOU ELIGIBLE FOR A RURAL OR AGRICULTURAL LOAN?
ASK A LOAN PROFESSIONAL IN TEMPLE, TX
Moving out to the country is a great idea for everyone from ranchers to retirees. If you’re hoping to purchase property in a rural part of Temple, TX, you can turn to Mortgage Solutions Financial for advice on a rural or agricultural loan. These loans can cover the purchase of anything from a commercial farm to a vineyard or orchard.
Discuss your eligibility for an agricultural or rural loan with us now. You can reach us by calling 254-307-4257.
LOOK INTO THE LOAN DETAILS
Agricultural and rural loans are similar, but they have different qualifications. For a rural loan, the key criteria are:
- A single-family, owner-occupied, detached primary residence located on the property
- A location in a rural area or municipality with a population of 2,500 or less
- A maximum loan-to-value of 97% with a maximum loan amount of $417,000
- A dwelling value of less than $269,807
- A typical contributory value of the dwelling representing a minimum of 35% of the loan
- A current outbuilding value of less than 20% of the appraised value
- A private mortgage insurance plan with a loan-to-value greater than 80%
An agricultural loan requires:
- A max loan amount of less than $30 million
- At least five acres of property
- A minimum credit score of 680
- Monthly, semi-annual or annual payments in 7-, 10-, 15-, 20- and 30-year terms
Maximum loan-to-value ratios are 70% for loans up to and including $5 million and 60% for loans greater than $5 million. Plus, executive estates are eligible.
Meet with a loan professional in Temple, TX today to learn more about these loans.