{"id":854,"date":"2020-07-22T06:37:48","date_gmt":"2020-07-22T06:37:48","guid":{"rendered":"http:\/\/agricultureloan.com\/?p=854"},"modified":"2023-01-31T04:52:49","modified_gmt":"2023-01-31T04:52:49","slug":"quick-guide-hobby-farm-loan","status":"publish","type":"post","link":"https:\/\/agricultureloan.com\/quick-guide-hobby-farm-loan\/","title":{"rendered":"A Quick Guide to the Hobby Farm Loan"},"content":{"rendered":"
Not all farms produce income. Today, many people want to start a farm just for fun, to grow their own food rather than buying it, or even to supplement their income. Whatever the reason, you may be eligible for a hobby farm loan. Keep reading to learn the tips and tricks to getting approved.<\/p>\n
\nLooking for Current Mortgage Interest Rates? Click Here.<\/a><\/p>\n First, let\u2019s look at the definition of a hobby farmer. If you farm, but you don\u2019t do it for a living, you may qualify. Hobby farmers have other occupations that don\u2019t coincide with farming. They use farming as their \u2018hobby\u2019 in their free time. Some hobby farmers do make a side income off their hobby farm, but they have other full-time employment to support them.<\/p>\n Hobby farms can have many different faces. Generally, they are between 40 and 100 acres and they use sustainable agricultural practices. Hobby farms still have business plans and a vision. They must also abide by all zoning laws and have a target market (if this is your intention). In short, they require as much work as commercial farms and could require as much capital.<\/p>\n Hobby farm loans come from individual lenders rather than Fannie Mae, Freddie Mac, or the government. Each bank has its own requirements, but most banks operate under the Qualified Mortgage Guidelines, which means:<\/p>\n \nClick to See the Latest Mortgage Rates.<\/a><\/p>\n As far as the property itself, lenders must find qualified appraisers that understand hobby farms. Since it\u2019s a relatively new topic, not many appraisers have this qualification, but going through a lender with hobby farm experience, you should find a qualified appraiser that can help.<\/p>\n The largest issue appraisers have with the appraisal itself is finding comparable properties. Hobby farms take on all shapes and sizes, which mean finding even one comparable property, can be difficult. Many appraisers have to go out further than the standard distance and\/or use farms currently listed for sale as comparison, even though that\u2019s not the norm.<\/p>\n Finding financing for your hobby farm may be easier than you think. Hobby farms can be a great way to build a sustainable farm in your area, make supplemental income, and\/or just give yourself something to do. Finding a qualified lender with experience is the best way to ensure that you have a quality experience getting your hobby farm loan.<\/p>\n \nClick Here to Get Matched With a Lender.<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Not all farms produce income. Today, many people want to start a farm just for fun, to grow their own food rather than buying it, or… Read More<\/a><\/p>\n","protected":false},"author":12,"featured_media":859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[192,1],"tags":[],"yoast_head":"\nWhat is a Hobby Farmer?<\/h2>\n
What are Hobby Farms?<\/h2>\n
Qualifying for a Hobby Farm Loan<\/h2>\n
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