What are Farm Mortgage Requirements in Canada?

Want to buy a farm but falling short of funds? Buying a farmland differs from buying a vacant residential land and often comes with more requirements and eligibility criteria. A specialist farm mortgage broker in Abbotsford, Edmonton, and Surrey, who has years of industry experience better understands the ins and outs of a farm mortgage and can get you approved in no time.

Farm mortgages were introduced to fund the acquisition of a farm or agricultural land, and differ slightly from traditional residential mortgages. Many banks and private lenders are eligible for providing farm mortgages in Canada.

Requirements for Farm Mortgages

Compared to standard mortgages for residential and commercial properties, farm mortgages require a more advanced approval criteria to determine whether a borrower is financially stable enough to pay back the loan. Some of the requirements include:

• Down Payment

• Credit Score

• Financial Health