Home Loans

GreenStone offers a mix of competitive rates and loan terms to meet individual needs. Your interest rate will depend on a number of factors, including your credit score and history, loan-to-value ratio, down payment available, and the type of property. As a GreenStone member, you will also benefit from our Patronage program, through which we share our profits with members, thereby returning to you a portion of your interest paid each year.

GreenStone’s standard down payment for a country home on acreage is 20%. If your purchase qualifies for Private Mortgage Insurance (PMI), in some cases we can loan up to 95% of the home’s value, which decreases the required down payment to 5%. Certain criteria, such as acreage limitations, impact the ability to secure PMI.

If you are looking to make home or land improvements to your property, it is possible to include those costs within the loan. If you are interested in this option, that may require the loan to be converted to a construction loan, which means the loan requirements may be different than a mortgage loan. Another option may be to complete a mortgage loan for the existing home and land, then apply for a separate short-term home improvement loan for the cost of the desired improvements. We recommend discussing your needs with your financial services officer who will go over all the possibilities to help you determine the best option.

Yes, other real estate can be used as collateral toward the down payment, providing GreenStone is the first secured lien on the existing property (meaning there is no other mortgage or lien against the property). Equity in a mortgaged property can be used as collateral IF the property being purchased is five acres or more. Please note: typically, only real estate collateral can be considered; automobiles, campers, boats, or other items are not able to be utilized as collateral for a home or land loan.

Existing Pole Barn Homes:
We offer pole barn home loans. However, as a newer structural trend, fewer pole barn homes have been resold. With fewer sales for appraisers to compare to, appraised values can be more conservative than traditionally constructed homes.

Modular Homes:
Modular homes built on a permanent foundation are financed like traditional homes with up to 30-year term loans.

Manufactured Homes:
Manufactured homes must be double-wide or larger. Loan terms are based on a maximum 30-year term, minus the age of your home. For example, a 10-year-old manufactured home can be financed for 20 years.

Mobile Homes or RVs:
While we can’t finance things with a Vehicle Identification Number or anything that sits on a trailer, we can discuss the possibility of financing the land it sits on!