Land & AG Land Loans

Hobby Farm Loans …

• Agriculture Land only (structures okay if less than 30% of total value)
• Minimum Loan Amount $50,000
• Max Loan $5 million
• interest rates starting at 9.865%
• 70% loan amount
• 680 Middle Credit score needed
• 20 Year Fixed loans available
• 43% Max Debt/Income ratio
• 30 day closing
• cashout available
• no maximum on # acres
• Property cannot have commercial operations that generates significant income

Land Loan Summary …

• Minimum Loan Amount $50,000
• 7.5% interest rate
• 75% loan amount (up to 75% of the lands value)
• 680 Middle Credit score needed
• 43% Max Debt/Income ratio
• 30 day closing
• Texas land (except panhandle, south of Kingsville, west of San Angelo, north of Lubbuck)

Loan Documents Needed for Land loan purchase…

Basic Documents:

• Application – all pages, signed
• ID – TDL – Driver’s license (s)
• Income Tax Returns – your last 2 years – all pages,
• Paystubs – most recent 30 days
• Paystubs – last paystub for last 3 years – This is only needed if you want to count overtime, bonus or commission income.
• W-2’s and/or 1099’s for last 3 years.
• Bank statements – 2 most recent months, all pages (all accounts: checking, savings, 401K, retirement, etc.)
• Payment for Credit Report. We will send you a paypal invoice. You can pay with check, cash, or credit card (through paypal). Paypal is quick and convenient but has a paypal service charge, approximately 3%.

If self-employed and/or business owner:

• Business Tax Return and K1s – all pages,– for last 3 years
• Profit and Loss Statement (P&L) – Current YTD, signed and dated
• Balance Sheet – Current YTD, signed and dated

For all properties owned (primary residence, 2^nd home, rental, investment, etc.)

• Mortgage statement – most recent
• Current executed lease agreement – if rental property owned
• HOA dues statement – most recent
• Property tax statement – most recent
• Home insurance policy declarations page – most recent

If you recently sold your home:

• Copy of closing settlement statement

If you had a divorce

• Copy of divorce decree – if child support or alimony payments involved
• Copy of cancelled checks or proof of deposit (if electronically deposited)

Other docs needed:

• Survey – not missing any permanent structure
• Signed Contract with earnest $ receipt