Basic Loan Requirements and Application Checklist
This outlines the standard requirements and documentation needed to apply for our loans.
Key Qualification Criteria
Loan Amounts: We offer loan amounts ranging from $200,000 to approximately $50 million.
Minimum Credit Score: A minimum credit score of 660 is required for all borrowers.
Maximum Loan-to-Value (LTV): We can finance up to 75% of the property’s appraised value. The remaining 25% must be covered by the borrower.
Minimum Property Size: We typically do not finance properties under 5 acres, except when the property generates more than $5,000 in annual agricultural receipts.
Lines of Credit: Require a 50% LTV based on bare land value, secured by real estate.
Required Application Documentation
To begin the loan process, you must provide the following:
1. Financial & Business Documentation:
A completed farm loan application.
Tax returns for the past three years (including all schedules, and the most recent year for any corporation where you own 10% or more).
A current balance sheet or financial statement detailing all assets and liabilities.
Copies of your recent pay stubs and W-2 forms.
Divorce decree or court order, plus proof of receipt, if using alimony or child support for qualification.
Credit verification for any debts not appearing on your credit report.
2. Property Documentation (for purchase):
A copy of the signed sales contract, including any riders.
Verification of the deposit made on the farm property.
Contact details for all realtors, insurance agents, and attorneys involved.
A copy of the property listing sheet and legal description, if available.
3. Source of Funds & Down Payment:
Most recent statements for savings, checking, or money market accounts.
Latest statement from your broker, or copies of certificates, for stocks and bonds.
Note: The exact requirements will vary according to your circumstances. More details can be found on our FAQ page, and further documentation may be requested later in the loan process.
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