I would say you only have half the story. They either have something on their credit or are a farmette rather than a "real" farm. The lending rules that banks have to go by are very different for those two different types of loans. Anything with over five acres of land with a home is harder to finance than a simple home and lot. Sometimes it is also a percentage of the total loan that the land has to be less than to have a simple home loan. The simple home type loans have the cheapest rates right now as those loans are usually resold to Freddy Mac or Fanny Mae. The loans they have to keep "in house" cost more as they have to keep the loan longer to earn as much money on it.
Right now my local bank is loaning Ag land money at 4.25% for a twenty year fixed, with a good credit history and only up to $4000 per acre or 70% of value whichever is less. They are not going to be the ones left holding the bag on the $10-12K land.
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Today's Featured Article - Talk of the Town: Winterizing Engines - To Drain or Not to Drain? - by Russ Berry. What is this strange attraction I have to equipment and machinery? How did I get this way? I came from the suburbs and own a small horse farm in rural Loudoun County, Virginia. You can call me a "weekend farmer." The local farmers do. Does it bother me? No. I am just happy to have their friendship. At least the word "farmer" is in my title. But what is the attraction? How can I explain the sensation and exhilaration I feel when I turn the key and hear the engine come to life (most
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