Loan Products and Rates
AFM Secondary Market Products with 30-day Rate Lock pricing
As of: 05/23/2016
|Product||Payment Options||Prepayment Options||Term||Amortization||
Current Rate *
|Ag Equity LOC||S/A, Interest only first 5 years||Open - pmt date||30||20 or 25, after draw period||3.20%|
|1 Month ARM||Mo, S/A||Open - pmt date||15 years||15 or 25 years||3.32%|
|1 Year ARM||Mo, S/A||Open - pmt date||15 years||15 or 25 years||3.44%
|3 Year ARM||Mo, SA||Open - pmt date||15 years||15 or 25 years||3.85%|
|5 Year ARM||Mo, S/A||Open - pmt date||15 years||15 or 25 years||4.21%|
||Open - Pmt date
||15 or 25 years||3.46%
||Open - Pmt date
||15 or 25 years||3.71%
|7/1 ARM||Mo, S/A||Open - pmt date||15 years||15 or 25 years||3.76%|
|10/1 ARM||Mo, S/A||Open - pmt date||15 years||15 or 25 years||3.88%|
|10 Year VRM20||Mo, S/A||Open - pmt date||15 or 20 years||15/20 years||4.63%|
|10 Year VRM30||Mo, S/A||Open - pmt date||25 or 30 years||25/30 years||4.69%|
|15 Year VRM20||Mo, S/A||Open - pmt date||20 years||20 years||4.67%|
|15 Year VRM30||Mo, S/A||Open - pmt date||25 or 30 years||25/30 years||4.93%|
|10-Yr Fixed||Mo, S/A||Open - pmt date||10 years||10 years||4.41%|
|15-Yr Fixed||Mo, S/A||Open - pmt date||15 years||15 years||4.61%|
|15/25 15Yr Fixed||Mo, S/A||Open - pmt date||15 years||25 years||4.89%|
|Poultry 10 Yr. Fixed||Monthly, S/A||Open on Payment date||10 Years||10 Years||4.36%|
|Poultry 15 Yr. Fixed||Monthly, S/A||Open on Payment date||15 Years||15 Years||4.58%|
|20 Year Fixed||Mo, S/A||Open on payment date||20 Yrs.||20 Yrs.||4.93%|
|30 Year Fixed||Mo, S/A||Open on payment date||30 Yrs.||30 Yrs.||5.24%|
|10 Year Fixed||Semi-Annual||3, 2, 1, Prepay penalty*||10 Yrs.||10 Yrs.||4.08%|
|15 Year Fixed||Semi-Annual||3, 2, 1, Prepay penalty*||15 Yrs.||15 Yrs.||4.47%|
|20 Year Fixed||Semi-Annual||3, 2, 1, Prepay penalty*||20 Yrs.||20 Yrs.||4.69%|
|25 Year Fixed||Semi-Annual||3, 2, 1, Prepay Penalty*||25 Yrs.||25 Yrs.||4.86%|
|1 Yr. LIBOR ARM||Semi-Annual||3, 2, 1, Prepay Penalty*||1-25 Yrs.||Match Term||2.71%|
Fast Track (Farmer Mac) applications from $200,000 - $999,900 in size, with 50% Maximum Loan to Value and minimum credit score of 720, net worth on pro forma Financial Statement must exceed total debt by 15%.
Standard Farmer Mac applications from $300,000 - $9,900,000 [$29.5 million under specific conditions] with full documentation underwriting (65% maximum LTV, minimum credit score 690). The above rates are for typical size and risk loans. For loans in excess of $4,999,900 the maximum LTV is 60%.
*Rates for loans in excess of $5M deduct 0.05% from the above posted rate. For larger (>$5M) and higher quality loans a total of 0.10% may be deducted for reduced risk (Platinum rates).
Platinum products may be available, these products require a minimum loan size of $5,000,000 and other underwriting requirements indicating reduced risk. Full underwriting applies on all Platinum rate products.. Platinum rates are NOT available for Fast Track loans because of minimal underwriting on Fast Track. Platinum rates may be up to 0.10% less than standard rates.
3/1, 5/1, 7/1 & 10/1 ARM products, the Rate is FIXED for the first 3, 5, 7, or 10 years and then adjusted annually thereafter, Credit score of 680 or greater required. Semi-Annual (S/A) payments are due Jan 01, and July 01. Open prepayment on any payment date for all products, payment of interest to payment due date is required.
Integrated Poultry products: For facilities more than one year old the maximum LTV is 65% and the maximum term is 10 years, for new facilities (less than one year of operations) up to 75% LTV may be allowed with maximum term of 15 years. These are FIXED rate products. Producers for major financially sound integrators only.
3, 2, 1, Prepayment penalty notes: Available ONLY in those States
that allow penalty for prepayment. These are NOT Farmer Mac loan
products. Integrated Poultry acceptable to these loan products, (10 Yr. and 15 Yr. only).|
If during the first three years of the note interest rates (same product) have increased (from rate lock to date of pre-payment) there is no pre-pay penalty.
If during the first three years of the note interest rates (for comparable product) have decreased (from rate lock to date of pre-payment) there is a declining penalty but only during the first three years of the note. If prepaid during first year the penalty is 6 months of interest, if prepayment occurs during 2nd year of the loan the penalty is 4 months of interest, if prepayment occurs during 3rd year of the loan the penalty is 2 months interest.
After year three there is NO penalty for prepayment, regardless of what happens to interest rates.
These loan products may not be split and combined with other (non prepay penalty) products.
NOTE: we now offer split loans (two notes with different products -- both notes secured by the same mortgage). This flexibility allows you to FIX your rate on a portion of the total mortgage (insulating against probable future interest rate increases), and at the same time to take advantage of lower rates currently found on the shorter term adjustable rate products (with open prepayment).