If you are considering the purchase of either a farm or a ranch, you know that the cost of purchasing your property can exceed one million dollars. Quite frankly, not that many people are resourceful enough to fund this purchase themselves. Farm and ranch loans are available to you and at a rate that you can afford.

What options do you have to finance your property? With careful research you can examine various plans available to you and close on a deal sooner than you think. We list three important plans for you here:

1. Your local bank or savings institution. Throughout the U.S. there are financial institutions specializing in farm and ranch loans. Many have existed well before the dust bowl era and are proudly serving their communities today. Others have been snapped up by national banks, but they still faithfully serve their communities. The rate you pay for your loan can vary depending on whether your property is currently being used for production agriculture or not.

2. Your state government. Many states have set up agricultural associations to assist farmers and ranchers in obtaining low cost loans. Loan rates are usually competitive with financial institutions and may actually be lower if the state has a vested interest in saving farms and ranches in your area. Contact your state government for the correct agency.

3. The federal government. Agriculture is a key commodity for the American economy and the US federal government understands this. The United States Department of Agriculture [USDA] actively assists people in obtaining farm and ranch loans. The Farm Service Agency is part of the USDA and their plans include loans to beginning farmers and ranchers, low income farmers and ranchers, emergency loans, youth loans, and farm ownership loans. Speak with an agent to find the farm and ranch loans that are of interest to you.

You may also find that a family member or friend can provide farm and ranch loans to you too. If that is the case, have a contract drawn up outlining principle borrowed, interest rate, loan repayment information, etc.

Owning your own farm or ranch is a dream for many Americans. Research wisely and you will find farm and ranch loans that are affordable to you.

Mark Lambie is the founder of The Loan House a website that allows consumers to quickly and easily get information on refinacning mortgages