Rural Living Home Mortgage Program
It’s all about you, and your commitment to living in the country.
First National Bank appreciates the unique qualities of rural American living. We offer a program that provides long-term financing for properties with larger acreages and outbuildings. Our Rural Living Home Mortgage program exemplifies competitive pricing and effective products designed specifically for country home living.
Rural Living Home Mortgage Program Providing Valuable Benefits
- A solution created specifically for non-conventional properties
- A unique opportunity to lock in long-term financing and a fixed rate
- Finance one note and mortgage for the entire acreage and home
- Competitive pricing structure
- A dedicated and experienced team guiding you through a simple and convenient process
Refinance Benefits Include
- Effectively manage your personal finance goals
- Reduce monthly payments
- Improve cash flow
- Lock in a long-term fixed rate to secure future financial expectations
What type of properties qualify?
The Rural Living program is dedicated to providing long-term financing for non-conventional secondary market hobby farm properties, with agricultural characteristics.
Eligible
- Primary residence and owner occupied
- Second homes
- Home and property in good condition with no deferred maintenance or incomplete construction
- Properties generally range from 5-160+ acres
- Property has the reasonable capability of generating $500 of annual agricultural income
- The borrower’s primary business/vacation is typically something other than farming
- Home value should comprise of approximately 30% of the overall property value
Non-eligible
- Full-time farming operation or a property with a large number of livestock
- Townhome, duplex or planned unit development
- Manufactured homes
- Mobile Homes
- Unique homes (shed, dome, cabins, log homes)
- Investment properties
Eligible Hobby Farm Property Examples
56-Acre Hobby Farm
- Primary residence and owner occupied
- Potential for ag income derived from animal shelter, barn, horse facility and pasture land.
10-Acre Hobby Farm
- Primary residence and owner occupied
- Potential for ag income derived from crop acreage
75-Acre Hobby Farm
- Primary residence and owner occupied, with an additional guest home and barn
- A combination of acreage including both open and wooded land
27-Acre Hobby Farm
- Primary residence and owner occupied
- Borrower has full-time, non-farm employment
- 14 tillable acres, leased to local farmer
Visit with one of our Mortgage Loan Experts to learn about out Rural Living Home Mortgage Program