Program Description Prequalify for a Mortgage   Eligible Properties Eligible properties are single-family, owner-occupied, principal residences or second homes. The value of the dwelling is typically 25% of the total appraised value of the property, but may be less with compensating strengths. No minimum or maximum acreage is required. If the property is less than five acres, $5,000 minimum annual gross sales of agricultural products from the property must be documented. Mixed use and non-contiguous properties are acceptable. Feasible and intended agricultural crop or livestock production on the property must be certified by the applicant. Mortgage Amounts Maximum loan amount is $3.0 million for purchases and refinances (both cash-out and no cash-out). There is no minimum loan amount. Cash-out refinances may be limited in certain circumstances. Larger loans are considered under special circumstances. Eligible Borrowers Eligible borrowers include U.S. citizens or nationals or aliens lawfully admitted for permanent U.S. residence; private corporations or partnerships where members, stockholders or partners holding a majority interest in the entity are U.S. citizens or nationals or aliens lawfully admitted for permanent U.S. residence. Loan-to-Value Ratio (LTV) Maximum Loan to Value Ratios (LTV) will vary from 50% to 90% depending on   1) loan purpose;   2) loan amount;   3) whether it is a primary or secondary residence; and   4) PMI coverage. Assumption Loans may be assumed by borrowers who meet Farmer Mac's qualifications. Product Summaries Adjustable Rate Mortgages: Fixed interest rate for initial period, then interest rate resets based on applicable index. Open prepayment at each payment date. Product Term Amortization Payment Options 3/1 ARM 15 or 30 years 15 or 30 years Monthly 5/1 ARM 15 or 30 years 15 or 30 years Monthly 7/1 ARM 15 or 30 years 15 or 30 years Monthly 10/1 ARM 15 or 30 years 15 or 30 years Monthly ARM loans incorporate a periodic rate cap of 2% per year and a lifetime rate cap of 10% over the initial fixed rate. Fixed Rate Mortgages: Fixed interest rate until loan maturity. Open prepayment at each payment date. Product Term Amortization Payment Options 15 - Year Fixed 15 years 15 years Monthly 30 - Year Fixed 30 years 30 years Monthly