FSA Loans or the Like

[Blaze08]

Not sure if this is the right place for this or not...if not mods can move it.

Who has some history or information on FSA Loans or anything comparable. I'm currently in limbo of buying out my family on our farm, or at least a portion of it. The part I would be getting as mine to run would be the poultry houses. Just weighing out some options. Let me know what you've got.

 

[motownbrowne]

There are some farmers on here, but not many. My wife and I will be buying property in the next 12 months. It's a farm and homestead that borders the farm my dad owns. We will definitely be considering FSA loans, but I haven't done much research yet. Pretty much all I know is that the interest rates are lower than a regular mortgage and that it may take several months for your loan to be approved.

Good luck with your financing, and let us know what you figure out about the FSA loans if you don't mind.

 

[smstonypoint]

My knowledge is limited and may be dated, but my understanding is that there is a special loan program for new farmers. Some of the loan programs are available only to those who do not qualify for loans from commercial sources.

You best bet is to visit the folks at your local FSA office.

Good luck.

Steve

 

[TripleR]

I agree with symstonypoint, my wife is a retired USDA Loan Specialist and it seems changes come out all the time and information more than a couple of years is outdated. They have some helpful programs, but the difference in interest rates aren't as significant as they once were and mostly they do loan guarantees rather than direct loans, your local agency is likely your best and only accurate, up to date source.

 

[dmccarty]

I can't answer questions about the FSA but if your state has an Extension office I would ask them if they can help or know of a program that would help. My guess is that the NC Extension Office would have a good idea on state and Federal loan programs or know who to ask.

We have the NC Farm Bureau which is a private organization. If you state has a Farm Bureau, I would also ask them to see if they have any information.

There might be state financing available as well as Federal.

Later,
Dan