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Updated 7 months ago on . Most recent reply
![Joe Edwards-Hoff's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/53842/1621411948-avatar-gijoe985.jpg?twic=v1/output=image/cover=128x128&v=2)
"Farm" Loan with under 20% down?
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?
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@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/