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We offer loans for farms, rural property, homes and life in the country at a variety of rates and terms so you can get the financing that fits best. Learn about the rates and terms that may be available for the kind of financing you need.
The interest rate on all fixed rate loans can be fixed for the full term of the note. This allows you to know your annual interest expense throughout the life of the loan.
Variable rate loans have an interest rate that can vary during the term of the loan. The rate may be lower than current fixed rate loans but can change based on an index. A variable rate loan allows you, the borrower, to decide how much interest rate risk you are willing to take based on your individual needs.
Adjustable Rate Mortgages (ARMs) are a special feature of both fixed and variable interest rate products. ARMs fix the interest rate for a specified period of time: one year, three years, or five years. The interest rate is indexed to U.S. Treasury securities. As U.S. Treasury rates move, the rate on the ARM may move also, after the initial fixed period.
Depending on the kind of loan, we offer short-term, intermediate-term, and long-term repayment periods.
The length of a loan repayment can range from one month to 30 years, depending on the loan program and rate selected.
Good financial management dictates that loan terms correspond to the life of the operation or asset being financed. For example, seed, fertilizer, and other agricultural operating expenses are used up when the crop is grown, while items with a very long life, like farm real estate, can support longer terms.
Read about the loan term options that may be right for you, then ask us for more information about the particular loan you need for your operation or country lifestyle.
Short-term loans are intended to cover operating expenses.
The interest rates for these loans are competitive. The interest rate options include fixed rates, prime based variable rates, and variable rates (indexed to LIBOR).
Intermediate-term Loans (1-10 years)
Intermediate-term loans are for amortization terms of one to ten years.
Long-term loans are for amortization terms up to 20 years, or even 30 years if the loan is related to the borrower's primary home.
The interest rates for these loans are competitive. The interest rate options include fixed rates, balloon rates, adjustable rates (one, three, or five years), and variable rates (indexed to Prime or LIBOR).
Farm Credit of the Virginias, ACA furnishes data to credit reporting agencies. The association's reporting efforts are important for aiding consumers in obtaining credit, assisting businesses in credit approval, providing consumers with timely and accurate personal credit information, reducing fraud and abuse, helping prevent identity theft, and minimizing errors in credit reporting. If you have questions regarding this process, please contact our Credit Desk at 540-886-3435 ext. 5038.
Contact us to get started or call to speak with a loan officer today at 1-800-919-FARM (3276).