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You can go with a USDA loan, but that is only if you have that type of loan now. You cannot use the Guranteed Rural Housing (USDA) loan for a refinance if your current loan is FHA/VA or Conventional. I am surprised you obtained a normal loan when it sounds like this has always been farmland? Is it a working farm or just a home on 15 acres? If just a home and there are other properties like it in your area that are not used as farms you should be able to obtain standard Fannie Mae products for refinancing. Most lenders allow up to 10-20 acres, so maybe your bank has changed their guide lines. Tell us more about your area. Thanks, Dan
We are trying to refi a loan taken out 4 years ago on our home that sits on 15 acres of farmable ground. We have a fannie mae note for 300k on property valued at 600k @5.25%. The bank holding the note wont talk to us now because it is on ag ground. What has changed?
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