Frequently Asked Questions

First Ag Credit (FAC) is an Agricultural Credit Association (ACA) that provides a wide array of agricultural financing to rural and urban residents. We have 38 primary office locations from the Panhandle down to the Gulf Coast of Texas, with the administrative office in Lubbock.

We make loans to purchase land, refinance existing mortgages and other debts, construct/repair homes and other buildings, make property improvements, construct/improve agribusiness facilities, purchase machinery and equipment, livestock and any other need where financing is appropriate.

As a cooperative, First Ag Credit is owned by its stockholders, who in turn, share in the financial success of the association. Since 2001, First Ag Credit has returned over $57 million in patronage distributions and stock retirements to our borrowers. These returns help to lower the effective interest rate paid by our borrowers.

Any person or legal entity that is involved or plans to become involved in agriculture or in the ownership of agricultural/rural property is eligible to apply for a loan. Loan approval and terms are subject to the creditworthiness of the applicant.

All loans require some level of equity, which is the difference between the appraised value of the collateral and the loan amount. The financial strength and repayment ability of the applicant as well as the collateral will determine the total amount that can be borrowed. Down payment or equity requirements for real estate loans generally range between 15 and 20 percent. Equity requirements on livestock and equipment generally range between 15 and 25 percent.

All real estate loans must be secured by a first lien mortgage on real estate; generally on the farm, ranch, agribusiness facility or home that is financed by the loan. Operating, equipment and livestock loans are generally secured by inventory such as crops, livestock, equipment, receivables or other assets of the operation being financed.

First Ag Credit offers interest-bearing Voluntary Advance Payment Accounts for its stockholders. Interest earned is applied to interest due on the next loan installment, lowering the effective interest rate paid by our borrowers. Money in these interest-bearing accounts can be used to pay loan installments and in some cases, can be withdrawn for other purposes.

Yes, we make loans for the purchase, construction and/or improvement of homes located in rural areas. We also finance rural home sites upon which a home will be constructed in the future. These loans are available to eligible owner-occupants only.

First Ag Credit is guided by a board of directors comprised of and elected by association stockholders. In addition, FAC has two outside directors who are not stockholders with the association. The directors represent the entire lending territory and oversee the association's fiscal responsibility through an audit committee. The association operates under policies and procedures adopted by the board of directors and management team.

Everyone obtaining a loan through First Ag Credit becomes an owner of the association through the purchase of stock equal to 2 percent of their loan amount, not to exceed $1,000. In most cases, funds for the stock can be included in the loan. Ownership of this stock gives you the right to participate in the business affairs of the association, including election of the board of directors. In addition, FAC has returned more than $57 million back to our borrowers in the form of cash patronage distributions and stock retirements, which further reduces the cost of borrowing.

An Agricultural Credit Association (ACA) is a financial service provider specializing in loans on farms, ranches, timberland, recreational property, agribusinesses, rural homes, agricultural equipment, livestock and agricultural operating capital. An ACA is cooperatively owned and locally operated.

First Ag Credit is part of the nationwide $160-billion Farm Credit System and is affiliated with the Farm Credit Bank of Texas in Austin. The Farm Credit Bank provides funding for loans by selling AAA-rated bonds to investors in the nation's money markets.

Your application is automatically routed to the FAC office nearest you, and we do that using your zip code.

To determine loan amount you can use our loan calculator and/or submit your loan request for an amount slightly higher than what you need. Either way, our experienced loan officers will help you decide on the exact amount once they receive your application.

You should be contacted within 24 to 48 hours.

To save calculations check the "Compare" checkbox at the bottom right of the page. Then you can make and "Compare" as many calculations as you would like. All calculations will remain in the calculator until you exit your browser.

Change between calculation methods as many times as you like and your calculations will still be saved if you checked "Compare." Once you have a list of calculations you can sort those calculations by clicking on the column names.

At this time there is no download feature, but we have created both the calculator results and amortization table in a way that will print well. Additionally, copying the amortization table and pasting it into MS Excel works well in newer browsers.

Click on today's date (highlighted with a red box) to see only today's events. Click on any date to see only that day's events.

Click on the arrows ">>" at the bottom of the calendar and go to the desired month. All of the events for that month will be displayed. Use the search box to type in your search string and refine the results for that month.

Use our contact form to submit an event that you would like listed on our site. All submissions will be reviewed and appropriate events will be added.

First Ag Credit has many locations across Texas. You can find the closest office by searching on the Locations page by city or zip code.

Follow the Employment link in the Company section to see the latest job opportunities at FAC.