The Beginning Farmer Real Estate Loan Program assists farmers and ranchers in the purchase of farm real estate. Each qualified applicant is eligible for a $500,000 loan. The interest rate is fixed at 1% below the Bank of North Dakota's (BND) current base rate with a maximum of 6% per year for the first five years of the loan. For the second five years of the loan, interest is variable at 1% below BND's then current base rate adjusted annually on the anniversary date. For the remaining period of a loan, interest is variable and adjusted equal to BND’s base rate. The term of a loan may not exceed 30 years. Annual amortized payments are required. Maximum net worth is $750,000.