By Milos Pesic
There are mortgage loans to fit everyone's needs today. There are FHA loans for the first time homebuyer, VA loans for Veterans and Reverse Mortgages for Senior Citizens. There are also Rural Development Mortgage loans through Farm Credit Systems for individuals living in rural areas.
These loans are mostly associated with Farmers and agricultural development but are also available to individuals who live in rural areas in general. Farm Credit Systems are made up of four regional farm credit banks, one Bank of Cooperatives, and some associations. The regional banks offer rural mortgage loans and real estate loans to ranchers, farmers, agricultural borrowers, rural homeowner, rural utility systems, to name a few. They raise more than $90 billion of money to loan to these borrowers through selling bonds and notes through the market.
Regional farm credit banks also offer other financial services such as operating loans, insurance for farmers crops, and other rural related insurance and services. Some offer farm record keeping as well. These banks are not the same as Commercial banks because they do not take deposits from Costumers, which is the way Commercial banks fund loans.
There are a few banks in the Farm Credit System including CoBank located in Denver, Colorado which serves Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont; Farm Credit Bank of Texas located in Austin Texas and serving short-term financing to New Mexico, Northwest Louisiana and Texas and offers long-term financing to Alabama, Louisiana, Mississippi and Texas; Agribank Farm Credit Bank located in St. Paul Minnesota and serves Arkansas, Illinois, Iowa, Indiana, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Tennessee, Wisconsin and Wyoming; and US AgBank located in Wichita, Kansas that serves Arizona, California, Colorado, Hawaii, eastern Idaho, Kansas, Nevada, Oklahoma, New Mexico and Utah.
Farm Credit Systems are great for financing rural housing development and rancher and farmer operations. Anyone trying to finance a home loan in a rural area or operate a ranch or farm should check into Farm Credit Systems to see what they have to offer to you.
Milos Pesic is a mortgage agent and owner of a highly popular and comprehensive Loans and Mortgages informational web site. For more articles and resources on different types of mortgages and loans, mortgage refinancing, mortgage lenders and brokers and much more, visit his site at:
=>http://mortgage.need-to-know.net/
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