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Reduced Documentation Farm Loan
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.
Key Criteria for Eligibility
• Maximum Loan-to-value 55%.
• Maximum loan amount $1,000,000.
• Minimum credit score 680 for loan amounts up to $300,000.
• Minimum credit score 700 for loan amount $300,000 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 up to two years may be required for loans over $300,000
• Signed copy of Request for Transcript of Tax Form (IRS 4506)
• Copies of the two most recent pay stubs for off farm income or tax returns for self employed borrowers.
• 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.
