As a member-owned cooperative, Jackson Purchase ACA is not operated or funded by the federal government. However, we are regulated by the Farm Credit Administration and are subject to some lending restrictions. These are some general guidelines, but please feel free to contact our loan officers to discuss your particular situation or if you have specific questions.
For Homeowners
We can lend money for the purchase, construction, improvement or refinancing of single family dwellings located in the country. You may also borrow for the purchase or refinancing of unimproved residential lots. For more information about our home loans, see Country Mortgages.
For Full-Time Farmers
For individuals whose primary business (over 50% of assets and income) is the production of agricultural products, we can lend for all agricultural and family needs as well as non-agricultural needs. This could include, but is not limited to, automobiles and trucks, educational expenses, home improvements, vacation expenses, and much more.
For Part-Time Farmers
For individuals who own agricultural land or produce agricultural products and whose income from agricultural products is less than 50% of their total income, we can lend for all agricultural and family needs. Non-agricultural needs are limited relative to the agricultural income.
For Businesses
We can lend money to businesses which process and/or market agricultural products provided that more than 50% of the business is owned by farmers who provide at least some of the “throughput.” We can also lend money to businesses that provide services to farmers, such as crop spraying, seed cleaning, cotton ginning and more. The extent to which financing can be provided is based on the amount of the business’s total income from farm-related services.
What is “Agricultural Income”?
Agricultural income includes:
- Sale of agricultural products
- Sale of livestock
- Sale of aquatic products
- Boarding of horses or other similar services
- Cash farm rent and hunting and fishing rights
- Sale of timber and timber growth
- Poultry and swine contracts
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