Part-Time Farm Loans

Part-Time Farm loans are designed for borrowers who earn the greater part of their income through means other than farming. The security for this type of loan is primarily the borrower’s residential property, usually including excess land on which some type of agricultural crop and/or livestock is grown.

To qualify for a Part-Time Farm loan:

• the dwelling on the property must be a single-family, owner-occupied primary residence or second home
• the value of the residence should be a minimum of 30% of the total appraised value
• the borrower must be a US citizen or legal resident alien

There is no minimum or maximum acreage requirement. However, if the farm is less than five acres, the borrower must be able to provide documentation that the minimum annual gross sales of crops generated from the property is $500.

Part-Time Farm loans can be made up to $3 million dollars. Adjustable-rate mortgages with 15 and 30 year maturities, as well as fixed-rate mortgages with 10-, 15-, 20-, and 30-year maturities are available.