Terms
Loans are amortized over periods up to 20 years. Borrowers are required to make annual payments on loans. Borrowers are encouraged to pay on their loans throughout the year when their income is available. Payments will be accepted in any amount at any time; and interest will stop on prepayments applied to principal. There is no penalty for extra payments on loans or paying loans off early. 

Loan Limitations
Borrower's unpaid principal balance owed to ORRC, plus any past-due interest, plus the amount of any loan being made, will not exceed $300,000.

Loan Purposes
Loans that are consistent with environmental quality and standards may be made to:

Please click here for a loan application.  

Security Requirements
Each loan will be secured by a first lien on real estate purchased or refinanced by ORRC. The percentage of the present market value of farm properties to borrower's loan will be set by the board of directors. 

Appraisals
After eligibility is determined, the next step is to determine value of the real estate. Value of real estate property will be determined by certified general appraisers. ORRC can generally provide names of qualified appraisers in the applicant's locality. The applicant is responsible for obtaining and paying for the appraisal. The loan cannot exceed 65% of the appraised value. 

The Loan Program has a two-fold purpose by providing needed credit for farmers and ranchers and generating income for scholarships and grants.

1. Purchase or enlarge a farm. This may include an applicant's portion of the cost of a large tract of land which is being subdivided.
   
2. Construct or improve buildings and facilities (This includes water and sewage systems).
   
3. Refinance secured and unsecured debts.
   
4. Other purposes that may be determined by the board as meeting the objectives of ORRC. 
   

a. experience or training in farming

b. the character, ability and industry necessary to be successful

c. the need for ORRC credit due to rates and terms. 

Farm
The term "farm" includes a tract or tracts of land, improvements and other appurtenances considered to be farm property and owned or to be acquired by the applicant. Farm generally will be considered to be used in production of crops, livestock and other enterprises to be considered farm related. The term "farm" will include any land and improvements and facilities used in farm and non-farm enterprises. 

Applications
Applications for Oklahoma Rural Rehabilitation (ORRC) loans will be filed in ORRC office at 401 S. Lewis, Stillwater, OK 74074. A $150 application fee must be submitted with a complete application. Qualifications for applicants will be considered without regard to race, creed,color, sex, national origin or marital status. The ORRC office will be available to applicants to explain the loan services available. The applicant will make sure that the application is completed, dated and signed. ORRC employees will furnish whatever assistance is necessary. 

Processing Applications
Information concerning applications will be obtained and evaluated to determine eligibility and qualifications for loans. ORRC will be certain that a thorough understanding in regard to basic loan making and servicing policies and the responsibility of borrowers exists. 

Objective
The basic objectives of ORRC loans are to assist eligible farmers and ranchers in becoming owner-operators of family farms, to make efficient use of land, labor and other resources, to carry on a sound and successful operation on the farm and to afford the family to have a reasonable standard of living. 

Eligibility
1. Be a citizen of the United States and a resident of the state of Oklahoma
2. Possess the legal capacity to incur the obligation of the loan
3. Be an individual who has:

4.  Possess an acceptable credit history