Acquiring rural land is a great way to escape the hustle and bustle of the city. However, if you’re like most aspiring country dwellers, you’ll need to finance the purchase with a loan if you want to maintain even a small bit of your savings. This means you’ll need to look for rural land financing to make buying your dream property possible. Here’s what you need to know to finance your rural property purchase quickly and easily.
Make Sure the Property Qualifies
The most important thing to keep in mind when applying for rural land financing is that the property you’re buying must truly be rural. If you’re buying land in a subdivision or inside a major city or town, you might not be able to use this type of loan to finance the purchase. If you’re not sure if the property in question qualifies as “rural,” speak to your loan officer and see if they can offer more insight.
Get Your Documentation in Order
Just because you’re buying land and not a proper home doesn’t mean you won’t have to provide detailed documentation during the loan application process. At a minimum, you’ll need to show your proof of income, bank statements, tax returns, It’s also a good idea to provide intended use of the land to your lender. If you’re going to build a house or farm on the land, they can help you find financing to accomplish those tasks.
Fill Out the Application Accurately
Accuracy matters when you’re applying for rural land financing. Take your time and enter your information as accurately as you can on each application you fill out. Before you submit the document to your loan broker, double-check the information you provided and make any corrections as soon as you notice the errors. The more accurate your application is, the faster the lender will be able to process your application. This can mean the difference between getting the land of your dreams or missing out on a great property.
Finding a Great Loan Is Easier Than You Think
Finding a great rural land financing option doesn’t have to be challenging. You just need to make sure you’re working with someone that puts your needs first. At MSF Agriculture, we work to help our clients find the best loans possible whether they’re buying raw land or looking to purchase an established farm. Contact us today to learn more.