Frequently Asked Questions

Have a question that you can't seem to find the answer to? Check out the links below to see frequently asked questions and their answers. If you still can't find an answer to your question, shoot us an email at info@mafc.com.

midatlantic farm credit rates
farm credit loans
patronage program farm credit
farm credit loan application
learn about farm credit
farm credit programs
 
how to make a payment mafc
 

Rates

What are the current rates?

It depends! We offer both consumer and commercial loans; each of which has different factors that go into determining your rate. Consumer loans are based on the term while the rate for commercial loans is based off of the term, current economic conditions and factors specific to your application. Call into your local office at 888.339.3334 for a rate quote!

Why are your rates different from your competitors?

We are offering a different product. Many financial institutions won't lend on large acreage properties or will consider those loans commercial. Because we are lending non-consumer and non-residential purpose loans, these rates are often competitive once the Effective Rate after patronage is factored in. Learn more about our patronage program here!

 

Loans

Do you offer loans for land only?

Yes, we do offer loans for land only. The process of buying land can seem confusing to those who have never done it before.

Check out these resources to help you get started:

What is your down payment requirement?

For real estate purchases, 20% down is the minimum requirement. For land loans, MidAtlantic Farm Credit can lend up to 80% of the purchase price or the appraised value, whichever is less. At Farm Credit, we write and service our own loans. The down payment requirement is in place because these loans are not subject to Private Mortgage Insurance (PMI) that a traditional, conventional loan would offer. 

Can you use projected income to qualify the loan for the property I am purchasing?

Yes, if there are solid projections provided; a business plan is a great starting point for this information. Download a free template here!

Do you finance equipment?

Yes! We can help you finance new or used farm equipment, as well as title equipment for your operation. Don't forget, it's best to call us before you head to the auction so we can verify funds ASAP! If you're heading to the dealership, ask for Farm Credit EXPRESS or visit our Farm Equipment Loans page for more information. 

Does it matter if I'm not going to farm the property?

As long as the property is agricultural in nature, the property itself makes you eligible for financing through MidAtlantic Farm Credit. For this to be true, the property must meet one or more of the following requirements; a lot loan, 10 or more acres of land, or a small farm property that does not fit within other lender's programs. 

Where can I find a loan calculator?

Click here to use our free calculator. 

How do I get started buying land?

The process of buying land can seem confusing to those who have never done it before.

Check out these resources to help you get started:

What are my loan options for buying land and/or building a home?

Here are some resources to help you explore your options for buying land and/or building a home:

Contact a member of our expert loan staff to discuss your options today!

Do you offer first time homeowner options?

We do not have a first time homebuyer program. We can offer as little as 3% down through our SMM (home loans) team.

We are a preferred lender working with Farm Service Agency (FSA) and they have programs to help with first time farm purchases.

In Maryland, the buyer is exempt from the Maryland transfer tax if they are first time Maryland homebuyers. 

What are your first time loan options?

We do not have any first time loan options, but we can offer as little as 3% down through our SMM (home loans) team.

We are a preferred lender working with Farm Service Agency (FSA) and they have programs to help with first time farm purchases.

In Maryland, the buyer is exempt from the Maryland transfer tax if they are first time Maryland homebuyers. 

 

Loan Application

Do you need to pull my credit when I submit my application?

Yes, we need to pull credit to verify other creditors you are working with, the type of credit you have and how much is outstanding.

How long does the loan process take?

Check out our Loan Process Simulator for a step-by-step guide of what you can expect. 

How do I fill out a loan application?

Our Loan Process Simulator will give you a step-by-step guide of our loan application process. If you're ready to fill out a loan application today, give us a call at 888.339.3334 or reach out to your loan officer.

Depending on your goals, some of the documentation you may need could include:

  • Business Plan & Balance Sheet
  • Two-Three years of tax returns
  • Bank Statements
  • Asset verifications like stocks, mutual funds, retirement account, etc.
  • Pay stubs or YTD profit and loss statement, balance sheet
  • Copy of your Driver's License
  • Signed Sales contract (Don't have one yet? That's okay. We can help you get there!)
Where can I find a loan calculator?

Click here to use our free loan calculator. 

 

Patronage

What is patronage?

Patronage is a form of a dividend or MidAtlantic Farm Credit returning profits to the owners of the cooperative (you). A member's return is based on the portion of interest earned on his or her loan and the eligible interest earned by the association. Learn more about our patronage program.

How much money would I save with patronage?

Based on current projections, we anticipate returning 25-30% of our borrowers' interest for the next several years*. 

*While we are committed to the cooperative principal of returning patronage, we cannot guarantee future distributions. If a loan or other obligation is in default (or otherwise considered in non-accruing status), any part of the patronage distribution due to the member may be applied to that member’s indebtedness to the Association.

How much will my dividend check be?

Use our Patronage Calculator to see how much your dividend check may be.*

*While we are committed to the cooperative principal of returning patronage, we cannot guarantee future distributions. If a loan or other obligation is in default (or otherwise considered in non-accruing status), any part of the patronage distribution due to the member may be applied to that member’s indebtedness to the Association.

Why don't I get a lower rate and avoid the stock and patronage?

Farm Credit was established as a cooperative and we are here in "good and bad times" for agriculture. Patronage allows us to manage our risk as a single industry lender and allows you to benefit from the success of Farm Credit and it's members. 

 

Make a Payment

How do I request a payoff amount?

Call your local office at 888.339.3334.

Where do I mail my payment?

Call your local office at 888.339.3334 to confirm where you should send your payment.

Where do I login to AccountAccess?

Login to AccountAccess here or use the "Online Banking" button at the top of the page.

Can I pay over the phone or online?

Yes! Visit Payment Options for information on how you can make your payment and manage your loans. You can also visit your Online Banking account or give us a call at 888.339.3334. 

How do I set up automatic payments on my loan?

Sign up for AutoDraft by asking your local branch or loan officer to provide you with the required form. Please make sure to bring in a voided check or deposit slip for the account you want to draw from with the complete form. For more details about AutoDraft, visit our Payment Options page. 

 

Programs

How do I apply for an internship?

Check out our Careers page for current opportunities.

How do I apply for your scholarship?

Visit FCFoundationforag.org for more details on eligibility and to apply for one of our $10,000 scholarships.

Where can I find the calendar photo contest or contest winners?

Click here to view our calendar contest and contest winners.

I'm a realtor - how do I submit my property listing to the Leader Magazine?

Click here to view our realtor resources page, view property listing guidelines and submit your listing.

 

About Farm Credit

What is the difference between Farm Credit and Farm Bureau?

Farm Credit is a financial institution that supports rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow.

The American Farm Bureau Federation acts as the "Voice of Agriculture". Farm Bureau members help develop leadership within local communities, advocacy on rural issues, public service and outreach, agriculture literacy and environmental initiatives that protect the environment and preserve its productive beauty. 

Where can I find your release form?

Click here to view our release form.

Where are your office locations?

Visit our Contact Us page to find the location nearest you!