You’re Invited!
COME SEE US AT
HOME Sweet HOME
Come see us at the Farm Credit building on the corner of Main Street and West 6th Street to meet our staff and learn more about how we can help you! You’ll have the opportunity to enter to win one of two pedal tractors and help us complete our paint-by-number mural.
Your rural home goals are within reach – and our team of experts are here to help. When you’re ready to own your own piece of quiet, give us a call.
LOAN PRE-QUALIFICATION VS. LOAN PRE-APPROVAL
When it comes to buying land or a home with more acreage, the process can be a little more cumbersome than usual. Because the market is smaller and the prices are higher, sometimes real estate agents will require a loan pre-qualification before showing a property.
We get a lot of inquiries from those looking to buy properties with acreage about loan pre-qualifications and land loan pre-approvals. Let us help you understand the differences between the two.
What is a loan pre-qualification?
A loan pre-qualification is a letter stating that you simply qualify as a loan applicant for an estimated amount and the individual property you’re inquiring about. In order to pre-qualify you for a rural property, we’ll request your name, address of the property and the property type. It is important to note that your credit will not be run, so the qualification for a loan amount doesn’t signify approval.
When do need a loan pre-qualification letter?
A good time to request a loan pre-qualification is at the beginning of the buying process, when you're actively looking at properties and potentially ready to make an offer. During this time, you’ll discuss land ownership goals and any other potential financing needs with your loan officer. If your real estate agent is requesting a loan pre-qualification letter to view a specific property, it’s best if you know in advance, as these letters can take anywhere from one to three days to develop.
What is a loan pre-approval?
A loan pre-approval is a more in depth and accurate indication of funding availability for a certain property. In order to get a loan pre-approval for a rural property, you’ll need to submit the same information needed for a loan application. This could include:
Up to three years of tax returns
A balance sheet or financial statements (assets, liabilities, including current loans, payment history, etc.)
A copy of your ID
Last 60 days of paystubs
Copies of bank and account statements
If you’re ready to proceed with the purchase, you’ll also need to provide a signed sales contract.
What is the main difference between a pre-approval and a pre-qualification?
The main difference between a loan pre-approval and a loan pre-qualification is that a loan pre-approval will receive full analysis and outline the loan amount you could be approved up to, based on the purchase you are looking to make.
When do I need a pre-approval for a loan?
A pre-approval for a land loan or mortgage loan will be needed if you’re looking to move quickly on a specific property or to make a serious offer.
In rural America, no two properties are identical, and those classified as agricultural will be a little different from your run-of-the-mill mortgage. A pre-approval for an agricultural land loan will be applicable to that individual property and no others. The loan pre-approval will translate into the loan application if you decide to move forward with purchasing the property. Please keep in mind that you may need to submit updated information if there has been a significant amount of time that has gone by between receiving the loan pre-approval and the acceptance of your offer.
Buying rural property can be confusing and overwhelming, but following through and owning your own piece of land makes the process worth it. We specialize in financing agriculture and rural America, so we’re ready to help you navigate this process with ease.
If you have a property in mind that you’re ready to call your own, contact your local loan officer today to speak with a loan specialist and request your loan pre-qualification or pre-approval.
Countryside Hydroponics: Dairy Farm Turned Thriving Lettuce Operation
Alson and Minerva Martin, Mifflinburg, Pennsylvania, reflect on growing a niche market business with water and grit.
Aquaponics is a farming method that combines aquaculture — raising fish — with hydroponics — growing plants in nutrient-rich water without soil. Alson and Minerva knew they were interested in hydroponic farming and the Ohio grower recommended they connect with a hydroponic lettuce grower in Belleville, Pennsylvania. There was one problem — they didn’t know the name of the grower.
“I called local Belleville grocery stores until someone finally knew the grower’s name and connected me with them,” says Minerva.
“We sample our water twice a month with a water lab and send the results to Penn State,” Alson shares. “Penn State makes recommendations on what different vitamins we need to add, such as iron, calcium, or zinc.”
Minerva says she often fields questions from customers about how frequently they change water for their hydroponic greenhouse. “I ask, ‘do you change the soil in a field?’ and the answer is no,” she explained. “We condition and feed our water like a field.”
We had our ups and downs and it was a rough start with growing pains.”
Minerva adds, “Another grower told us, ‘you need patience like Job to develop your market.’ A big encouragement for us was the local community, especially this past winter. Neighbors and families go together to meet our 24-head delivery minimum or 6-head pick-up minimum.”
As dairy farmers for 17 years, Alson and Minerva Martin always dreamed of discovering a niche agricultural market to support their family. Growing up, Alson’s mother had a flower greenhouse but the Martins knew they didn’t want the seasonal aspect of that industry. The Martins wanted to find something like a dairy that delivered both consistent work and income. In April 2023, a case of lettuce became the catalyst for their desired business change.
“My brother from Ohio brought 24 lettuce heads grown in water to a family gathering,” notes Minerva. “We were desperate enough to find out more that we called the Mennonite grower and learned the lettuce was grown in an aquaponic environment.”
Within a week of their family gathering, Alson and Minerva toured a hydroponic greenhouse. They were impressed from the start and thought it was a business their children could help manage. The Martins ordered a greenhouse a few weeks later. It was built by July 2023, and they planted their first lettuce crop at the end of September that same year.
“In this business, you’re planting, harvesting, and delivering lettuce yearround and it’s exactly what we were looking for,” explains Alson. “In a way, it’s like milking cows. We are always at the farm, tied down to the business. It’s a farm that I can operate with my family.”
The lettuce growing process begins each week with 2,000 seed plugs. Plugs are transplanted twice to increasingly larger circumference holes in 2’ x 4’ Styrofoam insulation rafts. The first raft holds 162 plants. At two weeks, the plants are transplanted to 72 holes per raft. Two weeks later, the plants’ final home is 18 holes per raft.
Total growing time in the fall and winter is eight weeks with grow lights; in the spring and summer lettuce matures in seven weeks. Countryside Hydroponics raises nine lettuce varieties including green leaf, butter bib, red and green crisp, romaine, ruby sky, red and green oak leaf, and ilema.
In hydroponic farming, growers feed water instead of soil. For the Martin’s operation, 35,000 gallons of water support the lettuce.
While Alson and Minerva learned about hydroponic lettuce farming by asking questions of their fellow growers, developing their market was trial
When touting the benefits of hydroponic lettuce, Alson and Minerva point to the long shelf life of three weeks, the lettuce’s flavor and freshness, local support of local farmers, and that the lettuce is grown without chemicals or preservatives.
We love that we work together with our children, running this business, and producing good food for the local community.
and error. “The hardest part for us was getting people to try our lettuce and trust us,” notes Alson. “We visited 22 local restaurants with our first lettuce crop. No one purchased it.”
In those early days, they gave cases of romaine lettuce away to restaurants, encouraging low-risk trial. Some of those restaurants became Countryside Hydroponics’ first customers. They also found success with local grocery stores.
“It was easiest for us to sell to grocery stores,” explaines Alson. “People tried our lettuce, and they didn’t go back to iceberg. They love the quality.
A year into their niche market journey, Minerva thinks they’ve crossed their initial marketing hurdles. Today, Alson and Minerva know their product, with customer references to share as they work to add new accounts.
“We have a lot of memories already,” Minerva says. “We love that we work together with our children, running this business, and producing good food for the local community.”
What does the future hold for Countryside Hydroponics? With their recent dairy herd dispersal, they have an increased focus on their growing business and introducing new hydroponic products, including the introduction of basil this summer.
If you’re interested learning more about Countryside Hydroponics or purchasing their product, contact Alson and Minerva at 570.996.2467.
