Hobby Farm. That was a new phrase to me just about a year ago. When first hearing it, one may envision a posh warehouse filled with paint or clay covered people trying to find a hobby that speaks to them. As much as I love that idea, this is not the hobby farm I’m going to share with you today. The hobby farm I’d like to introduce you to is one that allows you and your family the opportunity to cook a meal from the items you grew and harvested. One that gives you quieter nights and mornings filled with chirping birds. One that gives you room to roam, to grow, and to experience nature more fully.
A hobby farm can be likened to a small family farm, not one that supplies the corn to the manufacturer of Taco Bell’s Tacos but instead the one that supplies tomatoes for the local farmer’s market. If you have ever given way to day dreaming about having land of your own on which you can grow crops, raise chickens, hunt or simply just having space to play and explore that is your own—the hobby farm financing through Stockton Mortgage is worth looking into.
This financing works for properties that are as few as five acres and as large as 160 acres. There are a few requirements; first, your primary residence must be located on this property and it must make up least 30% of the appraised value of the property as a whole. Additionally, the property must have the reasonable capability of generating a sustained agricultural income of $500 per year. To put that into perspective, $500 per year equates to just under $42.00 per month. That sounds do-able, right? Not too fast, let’s look at what could keep your future dream property from being ineligible for this special financing. If your property is a full-time farm operation or commercial business, it certainly is not a hobby farm. If you don’t live on the property, it won’t qualify, so no second homes here! Additionally, if the residence on the property is a manufactured or mobile home, it does not qualify.
Are you ready to talk to someone to see if you qualify? Get started today by giving us a few pieces of information and one of our loan officers will get in touch with you! Click here to take one step closer.