Do you need financing for the Oregon horse property you’ve found? NW Farm Credit Services can assist you in not only providing the loan you seek, but can walk you around the potential potholes of rural and farm property purchases and lead you through the paperwork process to accomplish your goals.
NW Farm Credit Services is a customer-owned lending association serving the financial needs of farmers, ranchers, fishermen, timber harvesters and rural residents. They specialize in rural and farm properties, offering a wide range of financing options for land as well as related equipment. They understand the unique needs of rural property owners, especially those of horse owners in Oregon.
As a prospective buyer you will want to be aware of the ratio of commercial to residential value of your property as well as the amount of improvement contributions on elements other than the residence that you may intend to fund. Rural and farm property funding is different than conventional residential funding.
The value of the house on the property must be at least $50,000 to be considered for a loan. Other issues under consideration might include well water safety and gallons-per-minute flow. A minimum down payment is 20% for rural property with acreage ranging from five to 50 acres. The amount of income generated by a farm-designated property is another consideration so you would want to have supporting documentation from the current owners unless you plan on developing a new source or type of farm income. A part time farm straddles the defining features of both farm and commercial properties.
The loans available from NW Farm Credit Services are structured to be a fixed rate from seven to 15 years followed by a change to an adjustable rate for the balance of the loan. Current fixed term rates on a 30-year mortgage are in the 3-3.5% range with jumbo loans beginning at $417,000.
If you are ready to discuss financing terms, gather your bank statements and pay stubs from the previous two months and your last two tax returns and give Teri McKenzie at NW Farm Credit Services a call at 503-373-3049. She will be delighted to assist you in making your important rural property financing a success.
When you are ready to explore the types of horse and acreage property currently available in Oregon, tell me what you are looking for. We have access to more than just the MLS!