Frequently Asked Questions
Do you offer financing for
- Can you finance bare land?
- How long does the process take?
- What are some documents you typically collect?
- What factors affect my credit?
- How do you value land?
- What makes Country Living different?
- What is the typical Country Living loan process?
- Do I need my own attorney?
- What are your interest rates?
- How do you determine interest rates?
- Do you sell your loans?
- What is the difference between an appraisal and assessment?
- How can I apply?
- Is there a prepayment penalty for your loans?
- I have income not reported on my tax return. Can I use it?
- Can I use gift funds for down payment?
- What does it cost to apply?
- When can I lock in my interest rate?
- Who will I be working with?
- What do you require for a down payment?
Do you offer financing for
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
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.