Countryside Estate Loans

United Farm Mortgage > Countryside Estate Loans

Countryside Estates

In additional to agricultural or property loans, we also offer countryside estate loans. In this loan program, both the value of the house as well as the land property can be used in the appraisal. Equestrian facilities are welcome and absentee owners qualify, meaning the owner does not have to reside on the property.

Second homes also qualify with any land or property requiring a minimum of 10 acres. There is no maximum acreage. These loans are available in all states with a 70% loan to value. As with all of our loans, a credit score minimum of 680 is required to qualify.

If you decide to begin the loan application process, United Farm offers our customers a password-protected and completely secure uploader where you can submit the necessary files. This unique feature eliminates any risk of having your personal information breached or stolen over the Internet. You can feel safe and comfortable transferring any documents with personal information & data knowing it is always thoroughly secured and stays private.

How to start your loan application?

At United Farm Mortgage, we understand the importance of selecting a lender that you can trust. That’s why when you contact us to begin your countryside estate loan application, you can rest assured that you will speak with a live person. With decades of experience, our agents will guide you through the entire process.

Familiarize yourself with the loan process

When it comes to the loan application process, there are a few key components to understand. First and foremost, you’ll need to submit an application including credit information and financial history. You’ll also be required to provide documentation relating to your employment, income, existing debts, and assets. We’ll use this information to determine whether you’re an eligible borrower and the type of loan product that is best for your situation.

Initial Contact

You can establish an initial contact with us either directly or by visiting our website. This step can take anywhere from five minutes to an hour. During this time, we’ll discuss your loan goals and objectives and answer any questions you may have. We’ll also provide a clear explanation of the loan process and discuss our available loan products.

Prequalification

Once we’ve discussed your loan objectives, you’ll be ready to proceed with the prequalification process. This important step helps us determine what type of loan product best fits your current financial situation.

Application

Once you’re prequalified for a loan, you can start your countryside estate loan/mortgage application. This step will require providing additional information about your finances, including your income, debts, and assets. Post-completion, we’ll review your application to determine if you meet all of our requirements for a loan.

Conditional Approval

Once we have gone through and reviewed your application, we may issue a conditional approval. This type of approval is just a step short of final approval, as it states what needs to be completed to receive final approval. We’ll provide you with a personalized list of conditions that need to be met in order for your loan to close.

Appraisal

An appraisal is a part of the mortgage process and is necessary for underwriting. We’ll order your appraisal once we receive the appraisal payment from you. Our appraiser will reach out to the property contact, and you’ll be provided with a copy of the appraisal upon completion.

Conditions

To support what was stated on your loan application, certain financial documents will be required. At United Farm Mortgage, we understand how cumbersome the document retrieval process can be. Our experts will help you work through the process, informing you of any needed information.

Final Approval

We’ll issue a final commitment once all conditions have been fulfilled, meaning no other items are needed as long as closing takes place within the specified time period. At this point, we’ll reach out to you to let you know the next step is likely setting a closing date with the attorney.

Attorney Title Work

The attorney will conduct title work to ensure the property’s title is clear and all paperwork is accurate. Our attorneys are incredibly thorough, checking for any liens or encumbrances that may affect the title. We can confidently say that our attorneys are experienced and skilled in this area, ensuring a smooth closing process.

Closing

The closing date is the official end of the loan process. We’ll be there on the closing day to ensure all documents are properly explained and signed. United Farm Mortgage will always have a local representative present to help with any questions you may have. Once all documents are signed, the loan process is complete, and your loan is officially approved!

Financial Documents Required

We understand how important it is to have accurate financial documents. To that end, we may require you to provide documentation regarding your income and assets.

Income Documentation

  • We will require pay stubs from your present employer covering the most recent 30 days, showing year-to-date gross income. This may be supplemented with W2 forms for all borrowers for the most recent two years.
  • Additionally, signed and dated copies of your federal tax returns (complete) – most recent two years, will be needed.
  • We may also require verification/explanation of commission income, bonus income, disability, child support/spousal support (through court or copy of canceled checks), overtime income, pension/retirement, and any other miscellaneous income sources.

Assets Documentation

  • We will require three months’ worth of statements (all pages) for all savings, checking, mutual fund, stock, and bond accounts listed on the application.
  • Additionally, a copy of the purchase agreement for any property being sold in order to qualify for this loan and provide the necessary cash to close, along with any other asset documents listed in the application.
  • Finally, we may also require a gift letter if applicable.

Liabilities Documentation

  • We may require verification of existing liabilities, including but not limited to mortgages, contracts for deeds, or landlords/tenants. We will need the name, address, and account number of all current debt holders, along with the balance owing and monthly payment for installment and revolving credit accounts.
  • We will also require a letter of explanation for any items such as slow pay on credit, default/foreclosure judgments/liens, and bankruptcy.

For specific loan purposes, in addition to the required financial documents above, we may also require additional documentation such as an appraisal, property inspection report, survey, and other documents as needed.

At United Farm Mortgage, we strive to make the loan process easy and transparent for you. Our goal is to provide you with the best loan experience possible. If you have any questions or concerns during the process, please do not hesitate to contact us. We’re here to keep you informed every step of the way.

Our Loan Stats

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400

Minimum Loan Amount

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50

Maximum Loan Amount

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35

Years Mortgage Experience

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20

Loan Programs

Why United Farm Mortgage?

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Contacts

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United Farm Mortgage 6500 W. 132nd Terr. Leawood, Ks. 66209

Phone: (833) 715-0234, Fax: (913) 273-0560

info@unitedfarmmortgage.com

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