Beginning Farmer & Rancher Loans

• Competitive rates for land purchases
• Repayment terms customized to fit your business's unique needs
• Quick, local decision-making and processing
• Attentive, friendly service from start to finish

WHO QUALIFIES? 

A beginning farmer is an individual or entity who:

• Must participate in the business operation of a farm for at least 3 years out of the 10 years prior to the date the application is submitted
• Does not own a farm or ranch greater than 30 percent of the average size farm in the county as determined by the most current Census for Agriculture
• Has not operated a farm for more than 10 years
• Substantially participate in the farming operation of the newly purchased land
• Meets the FSA loan eligibility requirements of the program to which he/she is applying

If the applicant is an entity, all members must be related by either blood or marriage and all must be considered beginning farmers.

DOWN PAYMENT PROGRAM – OPTION 1

• Applicant must make a cash down payment of at least 5 percent of the purchase price
• Legence Bank will partner with FSA to provide financing for the remaining 95 percent portion of the purchase price

Legence Bank (1st Mortgage Loan)

• Loan Term is 30 Years
• Flexible Payment Structure
• Multiple Interest Rate Products Available (up to first 15 years of loan term can be fixed)
• Competitive Interest Rates
• $333,500 Maximum Loan Amount¹ (In some cases this can be higher if purchase price slightly exceeds $667,000)

Farm Service Agency (2nd Mortgage Loan)

• Loan Term is 20 Years
• 2.50% Fixed Interest Rate!
• $300,150 Maximum Loan Amount¹

Example: 

• $333,500 – 1st Mortgage Loan (Legence Bank)
• $300,150 – 2nd Mortgage Loan (FSA)
• $33,350 – Applicant Down Payment
• $667,000 – Purchase Ag Real Estate 

JOINT FINANCING ARRANGEMENT - OPTION 2

Legence Bank provides financing for up to 100% of the farm or ranch purchase price in conjunction with FSA.

Legence Bank (1st Mortgage Loan)

• $300,000 – 1st Mortgage Loan (Legence Bank)
• $300,000 - 2nd Mortgage Loan (FSA)
• $600,000 – Purchase Ag Real Estate
• Competitive Interest Rates

Farm Service Agency (2nd Mortgage Loan)

• Loan Term is up to 40 Years
• 2.50% Fixed Interest Rate!
• $300,000 Maximum Loan Amount

GET STARTED

Either click on the “Request Info” button above or below and fill out the corresponding form or call us today at (800) 876-2362 to speak with one of our representatives qualified to assist you in resolving your operation's unique financing needs.