I would say you only have half the story. They either have something on their credit or are a farmette rather than a "real" farm. The lending rules that banks have to go by are very different for those two different types of loans. Anything with over five acres of land with a home is harder to finance than a simple home and lot. Sometimes it is also a percentage of the total loan that the land has to be less than to have a simple home loan. The simple home type loans have the cheapest rates right now as those loans are usually resold to Freddy Mac or Fanny Mae. The loans they have to keep "in house" cost more as they have to keep the loan longer to earn as much money on it.
Right now my local bank is loaning Ag land money at 4.25% for a twenty year fixed, with a good credit history and only up to $4000 per acre or 70% of value whichever is less. They are not going to be the ones left holding the bag on the $10-12K land.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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