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Country Home Loans - How to Apply for a Country Home Loan

farm credit services information

Applying for a country home loan is a process that involves determining early why you need the loan. There are several questions you must address before you apply for a country home loan; these questions involve understanding and calculating your needs for operating, facility, and/or insurance purposes. To best begin the process of seeking funding is to research the available financial institutions that offer a country home loan, because not every bank and/or insurance company offers this unique product. You will find many country home loans in those states in which certain cities house largely rural communities. In essence, you will find this kind of financial product in such states as Iowa, Nebraska, South Dakota, and Wyoming.

To begin the process, type in the following keyword into your browser’s search box: “country home loan.” After you have done this, there will be multiple results that appear. One result, "Country Home Loans . . . 18008843276 Farm Credit Service . . ., will appear. Choose this result. Since the website has changed, you will be redirected to Farm Credit Services of America.

Based in Omaha, Nebraska, Farm Credit Services of America is part of the Farm Credit System that provides financial services to farm and ranch operators. The Farm Credit System is federally chartered by the United State government. Congress established the system in 1916 as a borrower-owned lending institution to provide farmers, ranchers, rural homeowners, and agribusiness operators with a system of reliable financial credit. For more information, visit farmcreditnetwork.com. Farm Credit Services of America, part of the Farm Credit System, was chartered in 1917.

On the fcsamerica.com website, there are various types of products and services to include AgriBuy Card, Real Estate Loans, Operating Loans, Installment Loans, Facility Financing, Leasing, Country Home Loans, Crop Insurance, Livestock Insurance, Agribusiness Insurance, and other financial services. Once you see “Country Home Loans,” start there by clicking on it. A click on the words brings you back to the home page, which offers information on “country home loans.” From there, read about the expertise of Farm Credit Services of America. FCS offers competitive rates, term options, payment options, new construction loans, mortgage loans, and special closing terms information. The information here is basic, but to see what FCS requires and how to apply for the country home loan, you will have to click on the available forms in PDF files. You have three options:

1) Download a Country Homes Loan Application
2) Download Authorization to Release Information
3) Download Borrower Checklist

Download the checklist first. Although a checklist functions as a post-process evaluation of all of your materials, you could easily gather all of the necessary documents that will be needed by going to the end of your process before you start. In other words, know the end before the beginning, so if you have to request documents from another institution, you can plan ahead.

The Borrower Checklist is a one-page document that divides the requirements into “self-employed applicant” and “wage earner applicant.” The checklist simply requests that the applicant provides the following:

1) recent two years business tax returns (for self-employed applicant)
2) current personal and business balance sheet (for self-employed applicant)
3) copies of recent pay stubs
4) W-2s
5) bank statements
6) investment and retirement accounts
7) insurance information

These are basic steps for any applicant applying for a country home loan. They are steps necessary to any application for a loan from a commercial bank as well. Where it gets more detailed is at the bottom of the checklist, there is a request from FCS that the applicant provides plans, specifications to include bid estimates to calculate the appraisal rate.

After you have read the checklist, print out the document, and hit the back button on your browser. Then, click on the PDF file Download a Country Home Loans Application. The application is a four-page uniform residential loan application that requires specific information in terms of dollars and percentages. If you are in Iowa, Nebraska, South Dakota, or Wyoming, to get help with filling out the application, go back to the homepage of fcsamerica.com and click on “Contact.” This will bring you to “Locate and Contact an Office.” Follow the steps.

For applicants who live in Indiana, Kentucky, Ohio, and Tennessee: visit e-farmcredit.com (Farm Credit Services of Mid-America)

For applicants who live in Oklahoma: visit countryhomefinancial.com (Country Home Financial)

Applying for a country home loan is a unique task that requires research and understanding the financial system for the type of loan.

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