General Requirements

Program Eligibility

Must be an owner of an agricultural operation
Land must be at least 5 acres
First time farmers ARE eligible
Land must produce 5,000$ annually
Supports loans that may otherwise not qualify for conventional financing

Credit Standards

Minimum credit score of 625
Must be a US Citizen and in good standing with the state and local FSA
Minimum Pro Forma Debt Coverage 1.20:1
Not delinquent on any federal debt
No outstanding recorded judgements

Documentation Required

Completed Farm Application
Current signed balance sheet
Three years of historical tax returns (unless new Op)
Projected income and expenses
Three years of historical balance sheets (unless new OP)
Three years of historical production (unless new OP)
Any debts of 1,000 or higher must be verified by AFS

LTV Requirements

Maximum LTV 70% up to $3 million; over $3 million 60% LTV
Maximum LTV 60% if greater than 25% cash out
Maximum LTV 50% if greater than 25% cash out and loan exceeds 3$ million
Maximum loan term 25 years
Maximum amortization 25 years
Monthly, annual, and semi-annual payments available
Open prepayment options available