Let us help with your dream of owning a home in southwest Georgia. We offer personalized service with a variety of loan programs, so you can choose the one that is best for you.
Take advantage of the USDA loan designed to help you buy your first home and start creating wealth.
Land loans and home mortgages are normally similar, but land buyers often require longer terms and more flexible repayment schedules. This is especially true if the income earned from the land, such as the sale of agricultural crops, is the primary source of loan repayment. A lender that specializes in making loans for rural real estate is most likely to offer flexible financing
Both variable rate and fixed rate loans are available for rural real estate loans. Each type of rate offers advantages, depending on your situation and the market conditions. In a high or falling interest rate environment, buyers may want to consider choosing a variable rate product. Variable rate loans are generally more desirable for shorter terms. Fixed rated loans are often preferred in a low or rising interest rate market, but many rural lenders do not offer them, especially for land loans. We're happy to be able to offer fixed rate terms for both home loans and land loans. For land loans, we offer terms up to 20 years and in some cases, 30 years. For home loans, we offer terms up to 30 years.
Your ability to find financing for a country home may depend on the value of the home compared to the value of the land, and the amount of acreage on which the home is situated. Some commercial lenders can finance home sites up to just ten acres in size. Also, some lenders are restricted from making loans on property where the land is worth more than the home. Farm Credit is among the most flexible rural home lenders and can finance sites of less than one acre to sites of more than one hundred acres.
Commercial banks, mortgage companies, insurance companies, private lenders (owner financing) and Farm Credit lending co-ops are all sources of financing for rural real estate. Some are more active in financing certain types of real estate, such as working farms, than other types. Farm Credit institutions finance the entire spectrum of rural real estate, from recreational property to full-time and part-time agricultural operations to country homes.
It may be possible to negotiate more flexible repayment options with a private lender. However, buyers typically can choose from more products and options when they borrow from traditional lending institutions.
Choose a lender who is knowledgeable and experienced in financing rural real estate. An experienced rural lender can offer guidance on agricultural-use tax exemptions, conservation easements, environmental factors and insurance sources that an out-of-state lender might not be able to. A local lender will be familiar with land values and comparable real estate prices in the area, and that could result in a faster loan closing.