FAQ with Farm Credit

Farm Credit

Rebecca Frantz 

Website: FarmCreditof Virginias.com

Email: RFrantz@FCVirginias.com

Phone Number: 301-334-8542

What makes Farm Credit stand out in comparison to other lenders?

We operate in a cooperative structure, issue back dividends to our member/borrowers, and specialize in rural financing.

What kind of properties do you specialize in?

Raw land, Large acreage, Timber properties, Farms

What kinds of loans does Farm Credit offer?

Land Loans, Home Loans, Construction Loans, Agricultural Operating Loans, Equipment Loans

(We can offer long term fixed rates on land loans)

What are the current interest rates?

We offer risk based pricing, interest rates depend on many factors.

Where does my credit score need to be in order to qualify for a loan?

We have no minimum credit score however, we do look at the credit score and consider it when making loan decisions.

I hear land loans are tough to get. What is the average downpayment needed for these loans?

20% is typical

I am looking to purchase a farm but the buildings are in rough condition. Is this something that would need to be repaired prior to closing?

We can finance farms even if the buildings are in bad condition. We will not require they need to be repaired prior to closing.

Part of the property I am buying is in flood zone. Will this require any extra steps or insurance?

Flood insurance is required if any buildings with value are in a flood zone.

I am looking to buy land and then build a house. What kind of loan would be best for this scenario? Do I have to get a separate land loan and then a construction loan?

If you are prepared to build right away Farm Credit could make one loan for the construction and land loan.

Anything else you want to add?

If you have questions please give us a call. We are unique from other lenders and can offer specialized loan products at competitive rates.

For more info, give Rebecca a call or check out Farm Credit’s website.