Mortgage Loans

Rural Home Loans

• Single-family, owner-occupied, detached primary residence located on the property
• Must have 5% of own funds down
• Value of house alone may not exceed $269,807
• Private mortgage insurance required on loans with less than 20% down payment
• Generally limited to properties no larger than 50 acres. Minimal or no farm income generated from the property
• Maximum contributory value of farm type outbuildings, fixtures such as barns, arenas and fencing or permanent plantings may not exceed 20% of the appraised value

• Two years established employment and/or stable income
• Minimum credit score of 620 with no mortgage lates in the past 12 months
• Minimum cash reserves equal to two month’s PITI

• Fixed Rates: 10-year, 15-year, 20-year and 30-year
• Adjustable Rates: 1-year, 3/1 and 5/1 adjustable rate with 5-year to 30-year term
• Adjustable Rates: 10/1 and 15/1 adjustable rate with 15-year or 30-year term

Part-Time Loans

• Single-family, owner-occupied, detached primary residence or second home located on the property
• Must have 15% down payment.
• Maximum loan amount $3 million
• House should represent at least 30% of the overall value of the property
• No maximum acreage
• Income from the property may be used to qualify
• Non-contiguous properties are eligible
• Property must have agricultural potential and borrower must have intent to do something ag in nature

• Two years established employment and/or stable income
• Minimum credit score of 620 with no mortgage lates in the past 12 months
• Minimum cash reserves equal to two month’s PITI (principal, interest, taxes and insurance)

• Fixed Rates: 10-year, 15-year, 20-year and 30-year
• Adjustable Rates: 1-year, 3/1, 5/1, and 7/1adjustable rate with 5-year to 30-year term
• Adjustable Rates: 10/1 and 15/1 adjustable rate with 15-year and 30-year term

Bare Land-Lot Loans

• Minimum loan amount $20,000
• Refinances are for rate and term only
• Must have 25% down payment on all properties
• Maximum loan terms 25 years
• Must be purchased for the intent of eventual construction of a single-family, owner-occupied, primary residence
• Intent to generate a gross farm income of $500 per year required on parcels over $123,500 in value
• Neighborhood covenants cannot restrict agricultural production on land over $123,500 in value
• Must be located in a rural area or town with a population of 2,500 or less
• Public electricity is required to be available at the subjects property line OR by easement. If by easement, the cost to cure must be provided and the loan amount is subject to be reduced by the amount to cure
• If the property is located in a flood zone, proof that the property contains a site suitable for building should be shown in the form of one of the following: municipal sewers available to the lot, topography map indicating sufficient elevated areas (1 acre minimum) within the lot to accomodate the residence and any necessary septic field, or septic permit from local authorities
• Gift funds can be used as down payment

• Two years established employment and/or stable income
• Acceptable 24 month credit history with minimum credit score of 620
• Minimum cash reserves equal to two month’s PITI (principal, interest, taxes and insurance)

• Fixed Rates: 10-year, 15-year, 20-year and 25-year
• Adjustable Rates: 1-year, 3/1, 5/1, 10/1, 15/1 adjustable rate with 5-year to 25-year term

Manufactured Home Loans

• Must meet the general loan program requirements for either the Rural Home Loan or Part-Time Farm Loan programs
• Manufactured home must meet the Manufactured Home Construction and Safety Standards established by HUD June 15, 1976
• Must be a doublewide or larger on permanent foundation meeting state and county regulations, with wheels and axles removed
• Must be classified as real property with title surrendered or retired (if not permissible by state law lender must hold original title and UCC filing required)
• Loan amounts up to $1 million
• Must have between 5-15 % down for purchases
• Cash out refinances limited to 65% of appraised value
• Loan term may not exceed remaining economic life of manufactured home
• Must be typical for the community with comparable sales on the appraisal

• Two years established employment and/or stable income
• Acceptable credit history with a minimum credit score of 620
• Must have minimum cash reserves of two months PITI

Please see Rural Home and Part-time farm programs for available products.

Full-Time Farm Loans

• Down payment or equity of 30% required
• Minimum gross farm income of $5,000
• Qualifying farming operations include Row crops, ranches, livestock, Integrator contracts, Permanent plantings, Timber, Aquaculture

• Two years established employment and/or stable income
• Acceptable 24 month credit history with minimum credit score of 660

• Guarantee loans from Farm Service Agency
• Guarantees also available on loans for the first time farmer
• Fixed Rates: 7-year, 10-year, 15-year, 20-year, 25-year, and 30-year
• Adjustable Rates: 3-month, 6-month, 1-year, 3-year, 5-year, 7-year, 10-year
• Pricing: Index based upon LIBOR Treasuries, Farm Credit Bank Funding Corporation bonds, and Prime Rate plus established margin.
• Prepayment options: open prepayment, partial open prepayment and full yield maintenance