Features & Benefits
Regardless of size or style of operation, we have the financial tools you need to keep your Michigan or northeast Wisconsin part-time farm growing. As a leader in hobby farm lending, we understand the specialized nature of part-time farming and will work with you to meet your unique needs. Our loan options can be used to purchase the following:
- Pole barns
- Livestock structures
- Building improvements
- Land
- Fencing
- Livestock
- Utility vehicles or small tractors
- Equipment
Patronage Program
A portion of our annual earnings are returned to our eligible member-owners in the form of patronage.
FAQs
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What are my down payment options?
Typically, mortgages require a 20 percent loan to value down payment. We have options for borrowers looking to secure their down payment, including:
- Providing 20 percent cash down
- Using Private Mortgage Insurance if less than 20 percent
- Other property or forms of collateral to meet some or all of the down payment requirement.
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How do I reamoritize my loan?
Loan reamoritization can be done quickly without the need to refinance throughout the life of the loan as equity is accumulated. A visit with a local financial services officer can get the process started.
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Can I finance vacant land for up to 30 years?Yes, we are one of the few lenders who will write mortgages on vacant land without the stipulation to build with in a certain timeframe. Many of our customers use our vacant land mortgages to purchase hunting land or recreational land.
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What is PMI?Private Mortgage Insurance (PMI) is a tool borrowers can use to offset the 20 percent down requirement. PMI will add a monthly premium cost to your payment. The insurance can be obtained through GreenStone will applying for a mortgage.
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Is GreenStone a sub-prime lender?Private Mortgage Insurance (PMI) is a tool borrowers can use to offset the 20 percent down requirement. PMI will add a monthly premium cost to your payment. The insurance can be obtained through GreenStone will applying for a mortgage.
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What are the criteria for full and part-time farm designations?To be considered for agricultural loans, full-time farmers must generate a minimum of $100,000 gross farm income annually. Part-time farmers are those with the ability to generate a minimum of $500 gross farm income annually.
