Fast Track Loan
Reduced Documentation Loan Program For Agricultural Loans And Part-Time Farms
- Fixed or adjustable rate products available.
- Semi-annual or monthly payments.
- Up to 25 year amortization.
- Available for full or part-time farming operations.
- Property may be non-contiguous.
- No requirement for residence on property.
- No limit on Combined Loan-to-Value.
- Available for purchase or refinance transactions (cash out limited to 25% of total loan proceeds).
Key Criteria for Eligible Loans
- Maximum Loan-to-value 55%.
- Maximum loan amount $750,000.
- Minimum credit score 660 for loan amounts up to $400,000.
- Minimum credit score 680 for loan amount $400,000 and above.
Document Requirements
- Signed Fast Track Loan Application.
- Fast Track Balance Sheet for each applicant.
- Tri-merge credit report for each applicant.
- Signed Federal tax returns for most recent tax year.
- Signed copy of Request for Transcript of Tax Form (IRS 4506)
- Copies of the two most recent pay stubs for off farm income.
- Limited appraisal report in summary format.
- Environmental Survey Report signed by borrower and appraiser.
- Evidence of water rights, leases, grazing permits, CRP contracts etc., if applicable.
- Evidence of hazard insurance coverage with loss payee endorsement.
- Description of all fixtures and personal property necessary to operate the property along with a UCC search on all applicants.