Making First Time Property Ownership Easy with Farm Credit

Henry S. Stoltzfus, First Time Rural Property Owner

When Henry S. Stoltzfus, Lancaster County, Penn., needed financing for a home on three and half acres, he began exploring options with local banks. “I talked to my dad, and he said, ‘Why don’t you try Farm Credit?’ Neither one of us knew if Farm Credit made home loans, but I decided to call and find out.”

Farm Credit: Financing more than farms

Henry discovered that Farm Credit could finance the property. A ranch-style house nestled off the main road, the property also included a 2-car garage that Henry could convert for use with his construction business. The acreage is a mix of woods and pasture, and an area for a garden. 

How a Smaller Down Payment can Help Long Term

“At first, we planned for the traditional 20% loan down payment by securing an additional small loan from my dad,” Henry explained. “When we found out that we qualified for Farm Credit’s First Time Rural Property Owner (FTRPO)* program, it gave us a break. Since we needed 15% down payment, instead of 20% down, we were able to keep some of our savings for emergencies.”

Henry and his family moved into their new home at Christmas and two weeks later, a home repair emergency did develop. Henry tested the water, and the results revealed they needed to replace the home’s water system, requiring money from savings. 

Henry also explained that the FTRPO program helped improve his cash flow and reduce stress. “With a construction business, the end of the year always is difficult because we’re not as busy. The smaller down payment makes more money available and eases our cash flow stress,” Henry said. 

“For first-time homeowners, the hardest part is the down payment,” Henry said. “That 15% really helps.”

“I would recommend Farm Credit to others looking for a country home loan. Our lender was available when I was available,” he continued. “She was willing to talk to me in the evening and sign papers after work hours.” 

Ask about our First Time Rural Property Owner Program 

Affording your perfect country property can be a challenge today. If you've found the land with the perfect home, we’ve developed a program specifically for first-time rural property owners – to help you cut costs that matter. Financing is available for up to 85% of your purchase price or appraised value with no mortgage insurance for first-time rural property owners*. What does that mean for you? Financing a greater amount of your purchase/appraised price can help you keep money in your pocket for other improvements, should you wish to make them. No mortgage insurance means thousands of dollars in savings for you in the long run. Give us a call today to learn more about how Farm Credit can help you finance your perfect piece of country.

*Certain restrictions apply. This offer is subject to credit approval.