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Hobby farm loan1/7/2024 What is the maximum loan-to-value (LTV) ratio for your loans?įor tillable farm ground and improved pasture, the max LTV is 70% for most states and 55% for pasture/grazing ground. Yes, you may close your loan in the name of your business or trust, however you will also need to be a signer and personally guarantee the loan. Can I close in the name of a business entity or trust? We use analysis tools that can project the ability of your score to improve and may be able to offer suggestions to improve your score or adjust the structure of the proposed loan. In some cases, quickly raising your score may be possible. A variety of factors affect your credit score including but not limited to late payments, high balances, and too many inquiries. We try to find ways to help borrowers with all credit scores. There are certain restrictions and we need advance notice, but this unique program gives you the flexibility to take advantage of shorter fixed rate periods when rates are low and longer, less risky, fixed periods when rates are going up. Most of our loans can be converted to different fixed rate periods on any payment date for a fee of. What if rates change during the life of the loan? If you are up against a deadline, let us know upfront and with your help, we can speed up the process. However, no loan, borrower, or collateral is the same, so appraisals, title work, and credit approvals can occasionally cause the process to take longer. Typically loans take 30 to 60 days from when we receive all of your documentation until closing. We do not believe that we should be compensated unless funds are drawn for your loan. How much does Janus Ag charge if my loan is not approved? No, none of our loan products have prepayment penalties so you can pay-down or pay-off your loan at any time. They may sell the loan to an investor and such servicing may also be transferred to the investor.FAQ Do your loans have pre-payment penalties? *The servicing on these loan products will be immediately transferred to our sister bank, Northwest Bank in Spencer, Iowa. Visit with one of our Mortgage Loan Experts to learn about out RuraLiving Home Mortgage Program
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