Rural Home & Acreage Financing FAQ
I want to finance a rural home or acreage. Whats my first step?
First, know what you’re getting into. Our 10 Points to Consider before Purchasing Rural Property guide can fill you in on what you’ll want to consider when looking for your perfect rural property, like land surveys, utilities and zoning laws.
What types of rates and terms are available for rural home financing?
We offer variable-, fixed- and adjustable rate loans including rate conversions. We also offer flexible terms, including long-term options, to meet your specific needs, whether it’s land for new home construction, an existing rural home or a new home in a rural community. We also finance log, modular and manufactured homes.
What if Im building a new rural home?
FCS Financial makes financing new home construction in rural areas simple. With us, you can purchase any size lot up to five years before starting construction and use the equity to help finance the home you build. We also offer a one-time closing that saves time, closing costs and the risk of changing interest rates. Our home financing experts will be with you every step of the way from lot purchase through home construction to your final mortgage.
How long does the home loan process take?
Generally, the whole home loan process – application to closing – takes approximately 45-60 days. Our local rural property specialists will work with you through the entire application process to closing – and then through the life of the loan.
Can any lender finance a rural home or property?
Rural home and property financing is different from urban financing. Urban lenders may have difficulty assessing the value of outbuildings, cropland, timber, septic systems and other rural features, for example, causing unwanted delays. FCS Financial has unsurpassed expertise in country home and real estate financing – we make the process simple.
Whats a primary market lender and why does it matter?
As a primary market lender, FCS Financial retains ownership and service through the life of your loan. We won’t sell your mortgage to a secondary lender or change any terms such as grace periods and fees. It also means you may not have to carry expensive mortgage insurance or an escrow account.
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What types of rates and terms are available for agricultural land financing?
We offer variable-, fixed- and adjustable rate loans. We also offer ag-friendly terms, including long-term options, to help meet your specific financing needs.
What type of payment schedules do you offer for agricultural land financing?
You can choose monthly, quarterly, semiannual or annual payment schedules to meet your cash flow expectations. We also offer fully or partially amortized loans, and decreasing, even or accelerated payment schedules.
How long does it take to get appraisals completed?
We have an in-house certified appraisal team that completes appraisals. The average appraisal time varies based on their schedule and the property to be appraised.
What should I look for in a rural lender?
Choose a lender who is knowledgeable and experienced in financing agricultural land. An experienced rural lender can offer advice on agricultural-use tax exemptions, environmental factors and insurance sources that an urban or out-of-state lender might not. Our experienced local financing teams are highly specialized and will work with you to determine the best loan for your farm or ranch.
Whats a primary market lender and why does it matter?
As a primary market lender, FCS Financial retains ownership and service through the life of your loan. We won’t sell your loan to a secondary lender or change any terms such as grace periods and fees.
About FCS Financial
Who is FCS Financial?
FCS Financial is dedicated to supporting agriculture and rural communities. We serve nearly 15,000 qualified customer-owners in Missouri. We provide loans, leases and related services to farmers, ranchers, rural homeowners, aquatic producers, timber harvesters, agribusinesses, and agricultural and rural utility cooperatives. FCS Financial is a member of the Farm Credit System. Established in 1916 by Congress, the System provides more than one third of the credit needed by those who live and work in rural America. With more than 100 years of agricultural lending experience, the Farm Credit System is the largest single provider of agricultural credit in the United States.
Learn more at myfcsfinancial.com.
What does FCS Financial finance?
In addition to serving the credit and risk management needs of farmers and ranchers, we finance and refinance agricultural land, acreages, country homes (including new construction), and homes located in rural subdivisions or communities with populations of 2,500 or fewer residents. If you farm or ranch, you may also qualify for home financing in a larger town or city.
How can I benefit from financing with FCS Financial?
Agriculture and rural financing is all we do. Along with our attractive rates, flexible terms and patronage program, our financial and lending officers have an unsurpassed expertise and understanding of the unique aspects of rural property financing.
We support rural Missouri. Our staff live in the same local communities as our member –owners so they understand rural living
What does it mean to be a member-owner of FCS Financial?
When you finance with FCS Financial you become a member-owner. That means, along with attractive rates and terms, eligible member-owners can get a patronage payment, a unique opportunity to share in our net earnings. We have paid more than $95 million in patronage payments since 2006. Learn more about the patronage program.