Wondering about options for first-time home buyer looking at a "pre-fabrication" home. If you have to have 25% down at the time of purchase? Also I have questions about first time home buyer loans through Agriculture. What qualifies for an agriculture loan? If its the amount of acreage, or the animals on the property, etc? Thank you
According to the GovLoans.gov Web site, the U.S. Department of Agriculture's Farm Service Agency (FSA) makes farm ownership loans to farmers and ranchers who cannot obtain a loan from a bank and to beginning farmers. Loans can be used to purchase a farm or ranch; construct buildings or make other real estate improvements; promote soil and water conservation; and pay loan closing costs. Both "guaranteed" and "direct" loans are available though the Farm Service Agency.
Here are the requirements: To be eligible for a farm ownership loan from the Farm Service Agency, you must:
The maximum direct loan is $300,000, and the largest guaranteed loan is $1,112,000.
You asked about qualifications. The acreage of the property matters, but as implied above the applicant or applicants themselves must meet certain requirements to qualify for a USDA direct or guaranteed loan.
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