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n. Illinois | Rural 1st is just a marketing name for Farm Credit Mid America, They do rural home loans under that label. If a house on 100 acres qualifies is determined by them I would guess that on that many acres they would more likely view it as a farm loan not a house loan. Farm Loan vs Home loan will have different underwriting standards.
Mac America Ag Finance is a private equity entity trying the standard fare of providing operating loans up to your crop insurance guarantee to folks who have proven the inability to get finance at a local bank or local Farm Credit.
They also provide farm loans if they can sell the loan off to Farmer Mac (Farmer Mac has relatively high underwriting standards) They could do rural home loans too via Farmer Mac.
Farm Credit of Mid America will be around a lot longer than Mac American Ag Finance (they have not been through a downturn yet and the private equity investors will bail when it happens)
Good Luck. | |
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Mac America Ag Finance and Rural 1st Real Estate Purchase
