Long Term Commercial Loan
Agricultural Loan - LG319
Agricultural Loan - LG319
Summary of all Guidelines | |
| Loan Types | Commercial Loan |
| Property Types | Agriculture, Land Entitled |
| Lendding Area | NATIONWIDE |
| Loan amount Minimum | $400,000 |
| Loan amount Maximum | $2,500,000 |
| Credit Score Min | 660 |
| Interest Only or Amortized | Amortized Only |
| Lien Position | 1st |
| Prepayment Penalty | No Prepayment Penalty |
| General Pricing or Guideline info | United Farm Mortgage will help you do the following, among others. 1. Start, expand, improve, strengthen, market, or transition ranch or family farm operations. The size of the operation does not matter as long as it earns a reasonable income each year and the loan amount is above $250,000. 2. Commence farming as a woman farmer, ethnic minority, or racially underprivileged farmer. 3. Enable siblings to maintain the operation. 4. Are you involved in organic farming, want to add value, or make your direct sales efficient? You are one of the targets of farm loan programs. 5. Are your operations classified as alternative farming methods? This category covers aeroponics, hydroponics, freight container farming, and vertical farming, among others. You will get more details from officers of the organizations to evaluate your eligibility. Farm loans are available as full-time farm loans or part-time farm loans. This depends on how you run your farm. If all you do is farm on land, you will be eligible to get funding. If you engage in other activities and take farming as a hobby or pass-time activity, you will still be eligible. The Basic Qualifications for A Farm or Ranch Loan Here are some basic qualifications under both the part time loan program and the full-time farm loan program. If you have questions or you are not sure if you qualify, give us a call and we can discuss your options. Farm Loan Requirements: • Minimum Credit Score: 660 (at least one of the three major bureaus) • Minimum Loan Amount: $400,000.00 • Minimum Acreage: 40 acres (exception: unless permanent planting operation) • Location: Property must be located within the lower 48 United States • Income: Must have sufficient income to service all debts (personal and business) • Purchase: Down payment of at least 30% or additional farm land to use as collateral • Refinance: Must have at least 30% equity in your property. • Assets: The sum of all assets owned (including household furniture) |
| Updated as of | 2023-11-13 |
| Program Code | LG319 |
United Farm Mortgage will help you do the following, among others.
1. Start, expand, improve, strengthen, market, or transition ranch or family farm operations. The size of the operation does not matter as long as it earns a reasonable income each year and the loan amount is above $250,000.
2. Commence farming as a woman farmer, ethnic minority, or racially underprivileged farmer.
3. Enable siblings to maintain the operation.
4. Are you involved in organic farming, want to add value, or make your direct sales efficient? You are one of the targets of farm loan programs.
5. Are your operations classified as alternative farming methods? This category covers aeroponics, hydroponics, freight container farming, and vertical farming, among others. You will get more details from officers of the organizations to evaluate your eligibility.
Farm loans are available as full-time farm loans or part-time farm loans. This depends on how you run your farm. If all you do is farm on land, you will be eligible to get funding. If you engage in other activities and take farming as a hobby or pass-time activity, you will still be eligible.
The Basic Qualifications for A Farm or Ranch Loans
Here are some basic qualifications under both the part time loan program and the full-time farm loan program. If you have questions or you are not sure if you qualify, give us a call and we can discuss your options.
Farm Loans Requirements:
• Minimum Credit Score: 660 (at least one of the three major bureaus)
• Minimum Loans Amount: $400,000.00
• Minimum Acreage: 40 acres (exception: unless permanent planting operation)
• Location: Property must be located within the lower 48 United States
• Income: Must have sufficient income to service all debts (personal and business)
• Purchase: Down payment of at least 30% or additional farm land to use as collateral
• Refinance: Must have at least 30% equity in your property.
• Assets: The sum of all assets owned (including household furniture)
These descriptions are limited information and meant for general reference purposes.