REDUCED DOCUMENTATION LOAN PROGRAM FOR AGRICULTURAL LOANS AND PART-TIME FARMS
- Fixed or Adjustable 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.
KEY CRITERIA FOR ELIGIBILITY
- Maximum Loan To Value 55%.
- Maximum loan amount $1,000,000.
- Minimum credit score 700 for loan amounts up to $300,000.
- Minimum credit score 720 for loan amount $300,000 and above.
- Signed Fast Track Loan Application.
- Fast Track Balance Sheet for each applicant.
- Tri-merge credit report for each applicant.
- Signed Federal tax returns for up to two years may be required.
- 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 Disclosure 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.
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