October 2024 Economic Update: Navigating the Shifts in the Housing and Financial Markets
The October Economic Update dives into key economic indicators like Federal Reserve interest rates, inflation, and employment data, examinin...
We support California agriculture! Loans for agriculture-zoned land (land, buildings, equipment, fixtures) and hobby farms.
Under our unique Hobby Farm Home Loan Program, homebuyers are eligible for up to $1.5 million to finance a purchase of a “Hobby Farm”, which is defined as a primary residence, but can be rental capable of some sustained agricultural production.
Central Coast Lending’s Farm and Ranch Program gives buyers up to $50 million to make farm and ranch purchases (land, buildings, equipment fixtures) to support agricultural production.
Special financing for agriculture-zoned land
Can use property income fore qualifying
Up to $1.5 million to finance a purchase of a ``Hobby Farm``
Minimum Credit Score of 680
The Hobby Farm Home Loan Program is perfect for buyers who want to finance a purchase of a home on land with farm production capacity, while still relying on off-farm means for the majority of their income. Can use property income for qualifying.
Property qualifications are as follows:
The Hobby Farm Home Loan Program is eligible for financing investment properties, second homes, lot purchases, or townhouses.
Borrowers qualify with a credit score of 700 and a history clean of major negative credit events (bankruptcies, foreclosures, short sales).
General loan qualifications are as follows:
Down payment requirements vary based on the loan amount:
To complete the loan, the property must meet several additional requirements, including zoning, environmental, dwelling, and crop-type qualifications.
The Hobby Farm Home Loan Program also offers these nifty options for borrowers:
Central Coast Lending’s Farm and Ranch Program gives buyers financing capacity of up to $50 million to purchase parcels of land to use for agricultural production. Under the program, financing is also available for buildings, fixtures, equipment, and facilities (dairies, feedlots, storage units or processors) that are attached to the land.
Property qualifications are as follows:
Eligible borrowers must be U.S. citizens or permanent residents with a minimum credit score of 680. Private corporations or partnerships are also eligible, providing members, stockholders, or partners with majority stakes are citizens or lawful permanent residence.
The loan-to-value (LTV) ratio describes the maximum eligible loan relative to the total value of the property. Maximum LTV options for the Farm and Ranch Program include:
The mortgage rate can be structured as either fixed (for a term 7, 10, 15, 20, 25, or 30 years) or adjustable (5-year Adjustable Rate Mortgage, 7/1, 10/1). ARMs offer a fixed mortgage rate for a preset amount of years, before resetting to a sliding rate that adjusts based on a market index.
Creating an account is fast, easy, secure and FREE! Your account enables you to easily modify your loan application and view the status of your loan anytime day or night.
When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely.
Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.
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