| Loan Submission Requirements
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| Below is a list of loan submission requirements for various Farmer Mac I
Full-Time Farm loan programs. |
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Loan application (Form 1001)
Current market value balance sheet for each applicant and guarantor
Brief narrative detailing borrower’s operation, use of funds and collateral for
the loan
Current credit reports (60 days or less) on primary obligors.
Pro-Forma market value balance sheet and related schedules for each applicant
and guarantor and consolidated Pro-Forma market value balance sheet
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Loan application (Form 1001)
Current market value balance sheet for each applicant and guarantor
Two years of signed tax returns for each applicant and guarantor
Narrative for loan analysis
Current credit reports (60 days or less) on primary obligors.
Pro-Forma market value balance sheet and related schedules (including Debt
Service Schedule detailing all principal and interest payments post closing)
for each applicant and guarantor and consolidated Pro-Forma market value
balance sheet
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Loan application (Form 1001)
Verifications:
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Material Non-Farm income (verify with a W-2 or paycheck stub)
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Debts not included in the credit report (mortgage and signification other
undisclosed debts)
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Savings, Marketable Bonds and Securities and Retirement Savings.
UCC lien search
Current market value balance sheet (include balance sheets for the last three
years if available) for each applicant and guarantor
Three years signed tax returns for each applicant and guarantor
Debt Service Schedule detailing all principal and interest payments post
closing.
Narrative for loan analysis
Current credit reports (60 days or less) on primary obligors.
Farmer Mac Summary (Form 1009)
Typical Year Projection Form
Pro-Forma market value balance sheet and related schedules (including Debt
Service Schedule detailing all principal and interest payments post closing)
for each applicant and guarantor and consolidated Pro-Forma market value
balance sheet
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Loan application (Form 1001)
Farmer Mac Summary (Form 1009)
Typical Year Projection Form
Current market value balance sheet (include balance sheets for the last three
years if available)
Pro-Forma market value balance sheet
Three years signed tax returns for each applicant and guarantor
Debt Service Schedule detailing all principal and interest payments post
closing.
Narrative for loan analysis
Copy of Integrator Contract/Analysis of Integrator-contract assignable to FM
(if contracted)
Reviewed financials (required if uncontracted)
Verification that the property is properly permitted and in compliance with
facility regulations
Herd size and milk production for the last three years (dairy facilities)
Current credit reports (60 days or less) on primary obligors.
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Loan application (Form 1001)
Farmer Mac Summary (Form 1009)
Typical Year Projection Form
Current market value balance sheet (include balance sheets for the last three
years if available)
Pro-Forma market value balance sheet
Three years signed tax returns for each applicant and guarantor
Debt Service Schedule detailing all principal and interest payments post
closing.
Narrative for loan analysis
Verification that the property is properly permitted and in compliance with
facility regulations, included grain merchandising license, if applicable
Current credit reports (60 days or less) on primary obligors.
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Loan application (Form 1001)
Brief narrative including a sources and uses of funds and verification that no
material restructuring or modification has occurred in the last five years
Verification of payment history on loan being refinanced (if not reported to
credit bureau)
Copy of Promissory Note for loan being refinanced
Copy of financial analysis (including balance sheet, income statement and
narrative) for loan being refinanced
Copy of original appraisal
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