5 minute read
COUNTRY LIVING LOANS Financing to fulfill the dream of country living
from FARM CREDIT EAST
by NDSACatalogs
James and Artea Evans, of Water’s Edge Equestrian Center in Tolland, Conn.
LENDING FOR COUNTRY LIVING. IT’S WHAT WE DO.
A home in the country. A part-time farm. That little piece of land that takes you away from it all. Whatever your dream, Country Living from Farm Credit East can turn it into reality.
This program is designed to meet the needs of country home and rural property owners. And if you already own a country home, we offer excellent refinancing options, too.
See our website at CountryLivingLoans.com.
RURAL PROPERTY LOANS
At Country Living, we understand the unique requirements associated with country homes, part-time farms and other rural properties. We can help you with: Purchase: You’ve found it. The perfect piece of land. Set in the woods or in an open field, where you can build your home, work your farm or just get away from it all. Now that perfect country property needs the perfect piece of financing. At Country Living from Farm Credit East, rural properties are our specialty. We don’t shy away from the special financing needs of buying land, homes and farms in the country. Refinance: You may already have your dream home in the country, but is your mortgage allowing you to get the most out of your property? By refinancing with Country Living from Farm Credit East, you may be able to lower your monthly payments, get better terms or access funds by putting the equity in your country property to work for you. Construction: Building a new home in the country can be a dream come true, but it can also be tough to find the right financing. Not every lender is qualified or prepared to consider construction on rural land, where many special considerations can apply. The mortgage specialists at Country Living will walk you through the construction process and help you develop the best financing plan possible. Our program will take you from construction to permanent financing with one convenient loan package and just one closing.
COUNTRYHOME LOANS
Our rural home loans were created specifically to fund homes in the country, where your property may not fit the mold for conventional bank loans. We have the flexibility and expertise to finance additional land, farm structures, construction and farm/home financing.
COUNTRYFARM LOANS
We understand that no two farms are alike, and farms are different than other businesses! At Country Living, our farm financing options help you put your unique farm assets to work for you. Funding multiple parcels or nonconforming properties with unique characteristics is not a challenge for us.
COUNTRYLAND LOANS
Because we are farm financing specialists, our CountryLand loans were expressly designed for the bare land properties that other lenders often avoid. Whether you intend to use your land now or in the future; whether you’ll be farming it or leasing it to others; whether it’s a home lot or expansion room for your business, Country Living can offer you a highly flexible, competitively priced land loan.
COUNTRYFLEX EQUITY LOANS
CountryFlex Equity loans provide access to the equity in your farm property. Much like traditional home equity loans, these loans are revolving lines of credit that give you the flexibility to borrow what you need, when you need it – and the ability to pay it back with the same flexibility and ease.
FREQUENTLY ASKED QUESTIONS
What are the terms?
• Fixed rates. 15-, 20-, 25- or 30-year terms with no prepayment penalties. • Additional savings. Choose a term of 10 to 30 years — and our closing requirements and costs are generally more flexible than those of other lenders. • We work with the property as it is. It is not a problem if there is extra land, out-buildings or even livestock such as horses or cows. • We service all our own loans. This means no automated voices when you give us a call.
Can I pay off the loan early?
Yes. There is no prepayment penalty.
What about an appraisal?
Appraisals can be done through Farm Credit East or through an outside appraisal company, depending on your property. Farm Credit East appraisers are familiar with the unique situations often associated with rural properties.
Will you let me know if I qualify for a loan before I apply?
Yes. However, a prequalification form is not a binding commitment. It simply provides an estimate of your borrowing power so you can shop for your dream property with greater confidence. It’s that easy.
How do I apply?
Our mortgage specialists will help make the application process easier than you may expect. For more information, contact us today at 800.762.3276 or online at CountryLivingLoans.com.
A VIEW FROM THE FIELD
HOW CAN YOU FIND FINANCING FOR A PART-TIME FARM?
James and Artea Evans had wanted to purchase a horse farm for years. So when a 21.3-acre equestrian facility, complete with a 50-stall barn and large indoor and outdoor arenas with 30 paddocks went up for sale, they found themselves in a bind looking for financing from traditional lenders.
“We reached out to a local bank and they said they wouldn’t touch the property,” said Artea. “They weren’t comfortable with the business.” Luckily for the Evans, their realtor recommended looking into Farm Credit East’s Country Living loans.
“Not only was our mortgage specialist great to work with, but the Farm Credit East appraiser also ensured that the property was financed correctly by valuing excess acreage and outbuildings,” added Artea. “Our Country Living mortgage specialist treated us like people, not applicants. Other lenders never wanted to meet faceto-face, but our Country Living representative always wanted to meet in person.” – Artea Evans
HOW WE HELPED
Country Living offered a way for James and Artea to finance their part-time farm and equestrian facility, which gave them the ability to turn their opportunity into a thriving business. “We’ve created an environment that is inviting to boarders,” said Artea. “We put on several horse clinics, as well as host lessons with top-notch trainers.”
James loves the part-time farm aspect of his life because it gives him something to do in his spare time. “If I’m not busy, I go a little crazy. That’s what makes this farm perfect,” said James. “I can come home from work and tinker, and I love that.”
