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Conventional Farm Loans

As of November 14, 2022
 Product

Ag Equity - RLOC

1 Mo. ARM

1 Year ARM

3 Year ARM

5 Year ARM


7/1 ARM

10/1 ARM

10 Year VRM

10 Year VRM

​15 Year VRM

10 Year Fixed

15 Year Fixed

20 Year Fixed
 
25 Year Fixed 

30 Year Fixed
Term
 
30 years

15 years

15 years

15 years

15 years


15 years

15 years

15/20 yrs

25/30 yrs

​25/30 yrs


10 years

15 years

20 years

25 years 

30 years
Amortization

20/25 years

15/25 years

15/25 years

25 years

25 years


15/25 years

15/25 years

15/20 years

25/30 years

25 years

10 years

15 years

20 years

25 years

30 years
Premium 
 
N/A
 
5.75
 
6.60
 
6.50
 

6.50





​7.20
 
7.35

7.75
​ 
6.75
 
7.25
 
7.65
 
7.90
​
8.05
Standard ​

6.20
 
6.10
 
6.95
 
6.85
 

6.85​

​ 

 

7.55

​7.70
​ 
8.10

7.10
 
​7.60

8.00

8.25

​8.40

PREPAYMENTS -  Open prepayment on all 15 yr term and less shown above, but all 15 yr and less products require interest to be paid to the next payment. The 20, 25 and 30 year fixed rate products have open prepayment with no interest paid to next payment date condition. 
 
PAYMENT  DATES –  Semi-annual payments  are January 1 - July 1 or April 1 – Oct. 1.    Monthly payments are the first of each month.  Annual payment option is available on all  Loan Types (15 bp premium) except ARM’s.
 
ARM  PRODUCTS (Indexed) –  The 7/1 and 10/1 ARM’s have a fixed interest rate for first 7 or 10 years.   Rate adjusts annually thereafter. Ag  Equity, 1 Month, 1, 3, and 5 year ARM’s adjust to an interest rate term equal  to the initial interest rate term.

* FIXED RATE 20 TO 30 YR PRODUCTS - Some of the products are subject to a Partial Lockout Period from seven years where there might be a prepayment penalty; depending on what interest rates are doing at the time of payoff.  Three & five Partial Lockout options also available.  Open prepay rates will be 35 basis points higher than the 7 year lockout quotes.  Premium rates may be available based on credit qualifications.  Please call for rates on these products.

VRM  PRODUCTS  (Non-Indexed) – 10  year VRM’s have a fixed interest rate for 10 years and adjusts every 10 years  thereafter to an interest rate term equal to the initial interest rate  term.  Term and Amortization must be  equal.

OPERATING LINES OF CREDIT -  Products setup on either 5 year or 10 year interest only notes.  Semi-annual interest only payments.  Loans can be used for any agricultural purpose (operating, equipment purchases, improvements, land purchases).  Loan can be drawn and paid back as needed during the initial terms.  The 5 year notes automatically convert to fixed product upon maturity.  The 10 year products are due in full at maturity, but both products can be converted to long term products during the terms.  Loan terms (and amortizations) can be up to 30 years on 10 year products and 25 year on 5 year products.   Loans are limited to 50% of appraised value, but building improvement values must be eliminated from valuation.   
 
INTEREST  RATES – ARM rates are  effective for the above dates.  All other Loan Type rates are determined at time of rate lock.  Loans may be rate locked any business weekday from 10:00 AM to 2:00 PM CST.  Loans are not rate locked until appraisals have been completed and all loan approval conditions met.

CONVERSION  OPTION – Borrower may elect to  convert an ARM of Fixed Rate product to another ARM or VRM product. Multiple  conversions are allowed.
 
PREMIUM RATES – Premium rates must  meet higher underwriting standards.

LOAN SIZE - Minimum loan size is $150,000.  Maximum depends on security and credit factors.  The 20 to 30 year fixed rates will have higher rate below $500,000.
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