Loan closing costs can include an FSA guarantee fee of 1.5% of the guaranteed portion of the loan. It has loan terms up to 30 years along with competitive interest rates and flexible payment structures. With a suite of competitive loan programs available to beginning and experienced farmers with credit scores in the mid 600s and low 700s, American Farm Mortgage & Financial Services wins our top vote for borrowers with good credit. The first mortgage loan term fixes the rate for the first 15 years of a 30-year term Must have operated the business for at least three of the past 10 years to qualify It underwrites and services loans from $100,000 to $100 million and is on track to become the nation’s premier land lender. Most loans close in under 45 days.ĪgAmerica is based in Lakeland, Fla., and Boise, Idaho, and was founded in 2010. Its nationwide land and commodity expertise, coupled with hands-on customer service, has won it many loyal customers who appreciate the lender's stress-free loan process. It has an impressive collection of testimonials from its clients. You’ll need a credit score of at least 680 to work with this lender.ĪgAmerica Lending offers operational loans tailored to 15 different agricultural commodity farms, like cattle, row crops, and dairy, just to name a few. AgAmerica has agricultural land loans, short-term bridge loans, and rural infrastructure loans for things like solar and wind farms. You also have the option to convert your LOC to a term loan. During the LOC’s life, you’ll never have a prepayment penalty, and you can choose between making interest-only payments or 25-year amortizations to pay down principal. The closing costs for this LOC are lower than obtaining a term loan to buy real estate. That simplicity makes it the smartest financial choice for a farmer who needs funds to expand but only wants to carry debt for what they actually spend. We chose AgAmerica Lending’s 10-Year LOC as the best for incremental purchasing because it was designed to save farmers from annual paperwork.
No weekend hours to talk to a representative You must own or plan to buy at least 25 acres to qualify for their loans.
Customer reviews appreciate these annual distributions and reinforce consumer loyalty. In the Spring of 2022, its Patronage program will return a record $210 million to its eligible customers. As a cooperative, it is owned by its customer stockholders who purchase voting stock. In addition to real estate loans, they also offer crop insurance, investments, equipment leasing, and specialized financing for beef, dairy, poultry, swine, and timber farmers. Some of Farm Credit Mid-America’s programs can even fund in less than a month.Īs part of the Farm Credit System, this lender has been a financial services cooperative since 1908.
It’s the best overall farm loan lender because of its breadth of services and additional features, like equipment financing, cash management, crop insurance, and food and fiber debt syndications.Ĭlosing costs, including title and appraisal, accompany a very low 5% down payment minimum at the beginning of the loan. Only lends in Indiana, Ohio, Kentucky, and Tennesseeįarm Credit Mid-America can fund any stage of a farming business. To qualify, you must show that you are backed by an FSA Guarantee
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