Loan Products and Rates
AFM Secondary Market Products with 30-day Rate Lock pricing
As of: 07/21/2014
Blue text indicates current recommended products
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 0.10% from the above posted rate. For larger (>$5M) and higher quality loans a total of 0.20% may be deducted for reduced risk (Platinum rates).
Platinum products may be available, these products require a minimum loan size of $1,000,000 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 are 0.20% 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.
Product designed for larger and higher quality loans. Minimum loan size is $5,000,000 there is no maximum although as exposure increases we expect quality to also increase. Payment dates may be selected by the borrower on the first day of any month (not restricted to Jan and July as with secondary market products). Annual payment option available where income stream dictates for an additional 0.05%. Indicated rates are for loans near to minimum size and for minimum quality, the actual note rate will not be determined until all underwriting is completed and may be dependent on loan size and quality. Larger and higher quality loans may see up to a 0.25% reduction in rate from posted rates at the time of rate lock. This product may NOT be split with secondary market products, but may be split with other portfolio 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).