Our customers are important to us because we genuinely appreciate the value the agricultural industry brings to our nation. Farming and ranching is hard work, and in times of unyielding weather and struggling economies, the challenges are even greater.
How Hobby Farm Home Mortgage Loans Can Help Farmers?
There can be many definitions for a hobby farm home loan or hobby farm mortgage loan. In a nutshell, a hobby farm is a small-scale farm that is primarily used for pleasure rather than that of a business venture. The owner of a hobby farm will typically have a main source of income. The revenue is usually from an off-farm job, retirement income, a pension, or even a trust fund. Regardless of income source, the idea is that the farm does not need to make money, it can be those who use it as a hobby, hence the term, “Hobby farm”.
So if you do not have a great quarter or “session” it can disappointment, rather than a financial loss or business loss.
At times, some hobby farmers will not have the money to invest in their new farming ventures, or they might have little capital or operating budget. Unlike homesteaders, hobby farmers are not typically motivated by having ultimate goes of being self-sufficient.
Some farmers are content to continue their day-to-day jobs and only farm on the weekends. Additionally, there are farmers who invest their retirement income to invest in farm animals they would like to keep on their farm. Farms can add value to a your home, so retain that value there could be minimal upkeep plan if needed.
There can also be overlap with homesteaders when it comes to hobby farming, but its a pretty broad scope if you look at it as a whole. There are also hobby farmers who choose to maintain their farm with a part-time job so they can spend a majority of their time farming. Farmers can also keep aside a small budget for farm implement investments, and other investments in animals and infrastructure. It all depends on the immediate goals and focuses of the farmer and what they want to achieve in the short and long term. Our hobby farm home and mortgage loans are created to help farmers achieve their goals and keep them heading in the direction they see fit.
There are times where hobby farmers are not too far from a homesteader, and the choice to run a hobby farm can be great because hobby farms have wiggle room due to the fact there is more wiggle room when its comes to the rules and what constitutes as a farm or not.