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Updated 7 months ago on . Most recent reply

User Stats

155
Posts
21
Votes
Joe Edwards-Hoff
  • Homeowner
  • Grandview, WA
21
Votes |
155
Posts

"Farm" Loan with under 20% down?

Joe Edwards-Hoff
  • Homeowner
  • Grandview, WA
Posted

So, I found a home that I would like to buy. It is on 20 acres and has 10 acres of cherries on it. I don't intend to work the cherries (the current owner leases them), but because of them, I have been told that it qualifies as a farm and I cannot get a conventional mortgage. All farm mortgages I have found require 20% down and I cannot afford that right now. I could do 10%, but not 20%. Any ideas? 

Most Popular Reply

User Stats

63
Posts
57
Votes
Charles Goetz
  • Contractor
  • Lewisville , TX
57
Votes |
63
Posts
Charles Goetz
  • Contractor
  • Lewisville , TX
Replied

@Joe Edwards-Hoff  You can get a farm loan from the US Department of Agriculture. I'm not sure of the down payment requirement, but the interest rate is around 3%. This applies to some rural properties as well. They do have certain criteria, but it's worth checking out.



https://www.fsa.usda.gov/programs-and-services/farm-loan-programs/

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