|
As
a member-owned cooperative, AgCredit is not operated or funded by the
federal government. However, we are regulated by the Farm Credit
Administration and are subject to some lending restrictions. These are
some general guidelines, but please feel free to contact our loan
officers to discuss your particular situation or if you have specific
questions.
For
Country Homeowners
AgCredit can lend money for the purchase, construction, improvement or
refinancing of single family dwellings located in the country. You may
also borrow for the purchase or refinancing of unimproved residential
lots.
For
Full-Time Farmers
For individuals whose primary business (over 50% of assets and income)
is the production of agricultural products, AgCredit can lend for all
agricultural and family needs as well as non-agricultural needs. This
could include, but is not limited to, automobiles and trucks,
educational expenses, home improvements, vacation expenses, and much
more.
For
Part-Time Farmers
For individuals who own agricultural land or produce agricultural
products and whose income from agricultural products is less than 50% of
their total income, AgCredit can lend for all agricultural and family
needs. Non-agricultural needs are limited relative to the agricultural
income.
For
Businesses
AgCredit can lend money to businesses which process and/or market
agricultural products provided that more than 50% of the business is
owned by farmers who provide at least some of the
"throughput." AgCredit can also lend money to businesses that
provide services to farmers, such as crop spraying, seed cleaning, and more. The extent to which financing can be provided
is based on the amount of the business's total income from farm-related
services.
What
is "Agricultural Income"?
Agricultural income includes:
-
Sale
of agricultural products
-
Sale
of livestock
-
Sale
of aquatic products
-
Boarding
of horses or other similar services
-
Cash
farm rent and hunting and fishing rights
-
Sale
of timber and timber growth
-
Poultry
and swine contracts
|
