Your Dream Hobby Farm Awaits: New Mortgage Options in Canada | Interview with Tom Hickey, SVP Business Development
The Impact Farming Show – with Tracy Brunet
Until recently, there has been a significant gap in mortgage options between residential homes and agricultural lending, leaving those wanting to buy their dream hobby farm or country property without a suitable mortgage.
Are you thinking of purchasing your ideal country property? Are you a lender or mortgage broker?
If so, you won’t want to miss this episode.
Key Topics Discussed:
[0:00] – Show topic and guest introductions.
[1:33] – What qualifies as a hobby farm?
[3:23] – How many acres are allowed under the hobby farm program?
[4:30] – What types of income documentation are required for hobby farm lending?
[5:49] – How is a Hobby Farm Mortgage different than a residential loan? Tom gives a fantastic explanation of a person seeking lending from a traditional lending institution versus Farm Lending Canada.
[13:24] – Can/must the borrower live on the property?
[14:46] – Is agricultural income considered in the application?
[16:11] – What kind of zoning is acceptable for a hobby farm mortgage?
[17:52] – Are there limits on outbuildings, animals, or farm activity?
[18:50] – Who is the ideal client for the hobby farm product?
[20:05] – Closing Notes and how people can learn more about Hobby Farm Mortgages