This loan program is not available in USA
Program Description
Properties ranging from approximately 5 to 160 acres. Property has the reasonable capability of generating $500 of annual agricultural income. The borrower's primary business or vocation is something other than farming. Home value should make up approximately 30% of overall property value Shed homes and barndominiums are acceptable. Outbuildings like barns, stables, silos. Schedule F Income. Farm animals, up to 50 head. Up to three dwellings on the property
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Compeer RuraLiving Hobby Farm Program
Min. Credit Score
680
Min. Down Payment
20%
Max Loan Amount
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Shed Homes / Barndominiums / Shouses
- Up to 50 head of livestock
- 5 to 160 Acres
- Property has the reasonable capability of generating $500 of annual agricultural income
Program Availability
Compeer RuraLiving Hobby Farm Programs are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“Great option for rural homes, particularly on larger parcels of land. Allow up to 160 acres. Borrower's primary income must be something other than farming the property. Up to 50 head of livestock. Allow a SFR + manuf home. Will allow you to go 1 year out for comps and up to 20 miles away."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
No Limits
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Rural Homes - Can go 1 yr back + 20 miles away for comps
- Hobby Farms
- up to 95% CLTV
Additional Conditions
- Properties has reasonable capability of generating $500 of annual agricultural income. The borrower's primary vocation is something other than farming
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 3%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
IHFA Tax-Exempt RD Targeted
Best For: First Time Homebuyers, Lowest Rates, Zero Down
Tax-Exempt RD rural development loan program for targeted Idaho Counties with below market interest rates and down payment assistance options.
Travis County HFC USDA-RD Loan
Best For: First Time Homebuyers, Zero Down
USDA program for Texas homebuyers seeking down payment assistance, offered by the Travis County HFC (Housing Finance Corporation).
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* Properties has reasonable capability of generating $500 of annual agricultural income. The borrower's primary vocation is something other than farming
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