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April 06, 2017
Farm Credit of the Virginias (FCV), a customer-owned financial cooperative, announced the launch of an online video series designed to educate people building their own homes about the complex financing needs of new construction.
The free five-part video series explains the construction loan process, including documentation requirements, draw schedules, periodic lender inspections and loan conversion to a mortgage once construction is complete.
“There is a significant amount of new construction in the regions we cover, and customers have had a lot of questions about how to finance their projects,” said Teresa Harris, FCV Regional Lending Manager. “These videos provide a basic overview so people can have a stronger foundation to ask better questions once they meet with a loan officer, and are better prepared to navigate the process from beginning to end.”
The videos were produced by the Farm Credit Knowledge Center, which was established four years ago to develop resources for farmers, ranchers and the general community and to serve as a connection point to other industry experts on agriculture-related topics. This is the first video series produced by the Knowledge Center, with others expected to follow. To view the videos, please visit www.FarmCreditKnowledgeCenter.com and visit the ‘Education and Awareness’ section.
“The Knowledge Center’s goal is to provide tools and resources to help our customers and our communities,” said Matt Lohr, Farm Credit Knowledge Center Director. “These videos are another way for us to support this mission, and our hope is that they will help people who are taking on the challenge of building their own homes, whether or not they’re customers.”
Those interested in speaking with FCV about initiating a construction loan can also find their local representative at www.FarmCreditofVirginias.com.
Farm Credit of the Virginias provides over $1.8 billion dollars in financing to more than 11,000 farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland. Farm Credit is a cooperative capitalized largely through investments made by farmers, ranchers and the rural homeowners and businesses that borrow from them. In fact, as part of a nationwide network they are the largest single provider of agricultural credit in the United States and have been for 100 years. Farm Credit helps maintain and improve the quality of life in rural America and on the farm through its constant commitment to competitive lending, expert financial services and for facilitating and sharing knowledge and resources through the Farm Credit Knowledge Center. For more information, visit www.FarmCreditKnowledgeCenter.com or www.FarmCreditofVirginias.com.
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