Correspondent Program
Correspondent Program

RuraLiving, also known as our correspondent program, is a unique financing option designed for homes and hobby farms in rural communities.

HELPING YOUR CLIENTS FINANCE THEIR RURAL DREAM HOME

The correspondent program

Our correspondent mortgage lending team partners with you to serve the market for rural home and hobby farm loans. It is specifically designed for properties that often fall outside traditional guidelines.

The RuraLiving® home mortgage product is offered on a non-delegated correspondent basis, which gives you the ability to originate and close the loan in your name while we review them for eligibility, purchase and service them. Our program is available in all 50 states to mortgage bankers, banks and credit unions.

What Properties Qualify?

The RuraLiving program is dedicated to providing long-term financing for non-conventional secondary-market hobby farm properties with agricultural characteristics.

Eligible

This rural area home mortgage program is designed for clients who want to purchase a rural property that has some acreage and the potential to start a small hobby farm. It is for the person who has a vocation other than farming, but wants to live in a rural area.

  • Single Family, Primary and secondary residence

  • Home and property in good condition with no deferred maintenance or incomplete construction

  • Property has the reasonable capability of generating $500 of annual agricultural income

  • The borrower's primary business or vocation is something other than farming on the property

  • Shed homes, shouses and barndominiums are allowed

  • Outbuildings such as barns, stables, silos

  • Schedule F Income

  • Farm animals and/or livestock allowed, up to 50 head

  • Pasture and tillable land allowed  

  • Non-Contiguous parcels

  • Available in all 50 states

  • No max acreage limit on Hobby Farms/Rec Land *

  • Recreational / Hunting / Bare Land allowed with a minimum 20 acres*

  • Multiple dwellings on the property with overall intent to be personal/consumer are allowed*

  • Double-wide and Triple-wide manufactured homes allowed as primary home *

 (*) Participation Agreement required

Non-Eligible

The RuraLiving mortgage program is NOT for those who wish to become full-time commercial farmers, developers, or investors.

  • Full-time farming operation or a property with more than 50 head of livestock

  • Townhome, duplex, or planned unit development

  • Unique homes (like dome homes) without similar designed comparable

  • Investment properties

  • Lot Loans

  • Construction loans

Farm in a field

Benefits for Lenders

Why should you become a correspondent lender with Compeer?

Benefits for lenders include:

  • Being able to offer long-term, competitive, fixed-rate mortgage solution options for a niche market in rural areas

  • Opportunity to open up a new segment of business not only for you but your realtor contacts as well

  • We provide a dedicated and experienced team to help you through a simple and convenient loan process

  • Flexible appraisal requirements for rural areas