Frequently Asked Questions


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Do you offer financing for
?

Home & Farm Purchases?

Country Living from Farm Credit East has programs to fit the property you are looking to buy as well as your financial situation. We have streamlined our process to take you from purchase offer to the closing table quickly while communicating with you every step of the way.

Home & Farm Refinances?

Refinancing with Country Living from Farm Credit East is as easy as ever. We work quickly to refinance homes, farms, and land to get you better rates and lower payments. We can even utilize your property’s equity to provide you funds for debt consolidation or toward another qualified purchase.

Home Construction?

Country Living from Farm Credit East has the flexibility and common sense you need in a lender to build your home, barn, or other structures. With an easy, one-closing process and local branches to work with, we help keep your construction project moving forward and turn your dream into a reality.

Can you finance bare land?

Yes! While other lenders shy away, our program, lot & land loans, is designed specifically for land financing allowing you to purchase land with no acreage limits and the option to build on in the future.

How long does the process take?

Every loan is different just like every property. The process varies based on multiple factors but we strive to close between 30 and 45 days. If for any reason this will not be attainable, the mortgage specialist will contact you immediately to explain why.

What are some documents you typically collect?

W2 Wage Earner
  • Two most recent years of W2s
  • One month of most recent paystubs
  • Two months of most recent bank statements
  • We may require additional documentation based on your situation
Self-Employed
  • Two most recent years of W2s
  • YTD Profit and Loss
  • Two months of most recent bank statements
  • We may require additional documentation based on your situation

What factors affect my credit?

Various factors affect credit with missed payments, bankruptcies, collections and judgments being the most harmful. Please visit us for more information on credit factors.

How do you value land?

We consider every acre of land when looking at appraised value. Land valuation varies based on many factors including location, soil types and sales comparisons.

What makes Country Living different?

Country Living was designed to serve rural America. Country Living can offer financing for farms, homes and land with a streamlined process and competitive interest rates. The biggest item we pride ourselves on is our customer service and knowledge of rural properties. We are a local lender that works with customers to get them what they need and communicate every step of the way.

What is the typical Country Living loan process?

Application → Conditional Approval → Conditions Fulfilled → Appraisal → Final Approval → Attorney Title Work → Closing
 
Please visit the Loan Process Overview page for additional details regarding our process.

Do I need my own attorney?

Farm Credit East does not require you to have your own attorney to obtain financing. However, it may be typical for your area, or in your best interest, to get an attorney, especially in purchase transactions.

What are your interest rates?

Interest rates change daily and are dependent on factors including your credit and property type. Please contact your local mortgage specialist for more information.

How do you determine interest rates?

Interest rates fluctuate daily based on a variety of market factors. Country Living has no influence over these but will do our best to secure the right interest rate for you.

Do you sell your loans?

Country Living offers various programs and the majority of loans are not sold and are locally serviced so you never have to wonder where to make your payment or who to call.

What is the difference between an appraisal and assessment?

The appraisal is a valuation (by the lender in regards to the loan) which allows a third party to value real property based on sales comparison, cost and/or income capabilities of the property. This valuation is what is used to determine the loan-to-value the lender will have on your property.

How can I apply?

Applying is easy! Simply locate your local mortgage specialist to start the process online or by phone, or stop by your local Farm Credit East office to pick up an application.

Is there a prepayment penalty for your loans?

Most of our loan programs do not have a prepayment penalty. If this is a concern for you, be sure to ask your mortgage specialist if it applies.

I have income not reported on my tax return. Can I use it?

Generally, only income reported on your tax return can be used toward the loan process.

Can I use gift funds for down payment?

Yes! If this is what you plan to use, please disclose to your mortgage specialist and be prepared for questions and conditions regarding the gift.

What does it cost to apply?

The cost of an application is always free. Generally, the only funds due prior to closing are for the appraisal, which you will receive a copy of upon completion. Most other closing costs are handled at the closing table.

When can I lock in my interest rate?

We typically lock in your interest rate after conditional approval and when we have reasonable certainty the loan will close. If you lock in your interest rate and the loan does not close within the timeframe, you will be subject to extension or breakage fees.

Who will I be working with?

Your local mortgage specialist and mortgage assistant.

What do you require for a down payment?

Down payment and loan-to-value ratios are determined based on a number of factors. Loan program, product, property type and usage are all factors that affect down payment requirements. Please call your local mortgage specialist to learn more.