Horse Farm Loans For Veterans
Horse farming has always been an important part of rural America and a source of livelihood for many military veterans.
To support these farmers and ranchers, the Department of Veterans Affairs offers VA home loans specifically for the purchase of horse farms.
In this article, we will discuss the various aspects of VA horse farm loans, including the loan requirements, the amount of land that can be purchased, and the process of getting approved for a loan.
How Much Land Can You Buy With A VA Loan
Veterans can purchase a horse farm home that has many acres with a VA loan from HomePromise. The VA appraiser has to find homes nearby that have sold recently with similar acreage.
There isn’t a limit on the number of acres but the larger the acreage, the harder it will be to find recent sales nearby for the appraiser to complete the appraisal report.
So, keep in mind that even though the VA may not have a limit to the number of acres, there may be difficulty with horse farms with many hundreds of acres.
To be eligible for a VA horse farm loan, you must meet the following requirements:
1. You must be an active duty military member, veteran, or a surviving spouse of a deceased veteran.
2. The land must be used for agricultural purposes, such as horse farming.
3. The loan must be used for the refinance or purchase of a home that will be your primary residence.
It is important to note that VA horse farm loans often have lower fixed interest rates, compared to other types of agricultural loans. Also, you may be eligible to buy a horse form with no down payment using the HomePromise VA horse farm loan program.
How To Get Approved For A Horse Farm Loan
The process of getting approved for a VA horse farm loan is similar to that of other VA home loans. You must start by applying for a loan with a VA-approved lender, such as HomePromise.
You will then need to provide proof of your income and the funds needed for your down payment. HomePromise does not require a business plan for your horse farm or any details on the types of horses you plan to raise and the operations of the farm.
If you are building a horse farm, once the construction of the farm is complete, the VA loan can pay off the construction loan with a new VA loan.
Apply For A Horse Farm Loan As A Veteran
If you are a military veteran and want to purchase a horse farm, you may be eligible for this type of farm loan. These loans are designed specifically for military veterans and offer a number of benefits, including low interest rates and the ability to purchase hundreds of acres of land.
To apply for a VA horse farm loan, call HomePromise at 800-720-0250. We can help you through the process and answer any questions you may have.
VA horse farm loans are an excellent option for military veterans who are looking to purchase a home with land for a horse farm. With low interest rates and the ability to purchase a home with hundreds of acres of land, these loans offer a number of benefits to farmers and ranchers.
If you are a military veteran and want to buy land for a horse farm, be sure to reach out to a HomePromise to start the process today at 800-720-0250!
Horse And Home VA Loans
Veteran homebuyers who own horses or want to own horses. Horse owners sometimes board their horses at commercial locations but many prefer to keep them nearby on their own property. Horse and Home VA Loans