Program Description Prequalify for a Mortgage Pre Application   Prequalify for a Mortgage You may prequalify for a Farmer Mac I Farm loan from a Farmer Mac approved lender. Farmer Mac loans are loans to farmers, ranchers and rural homeowners who have shown the ability to repay debt at prevailing market interest rates and on conventional terms. Qualification for a Farmer Mac loan requires the borrower to contact a lender approved by Farmer Mac. However, if you can answer "yes" to the following questions, there is a greater likelihood that you will qualify for a Farmer Mac loan. Qualification Questions: I am a U.S. citizen or permanent resident alien. I am offering as security for the loan a first mortgage on farm or ranch land. The loan amount will be less than or equal to 70% of the fair market value of the real estate security (higher percentage for certain highly improved livestock farms). The loan amount is less than $9 million (for loans secured by more than 1,000 acres) or not greater than $15 million (for loans secured by 1,000 acres or less). After the loan is in place, the market value of my total assets will be at least twice my total debt. The income generated from all my sources will repay this loan, other scheduled loan installments, taxes, and my living expenses. In addition, I will have profits left over sufficient to buffer my cash flow during tough times.