Re: Grants or low interest loans for begining farm

Posted by WyoDave on November 09, 2006 at 17:26:19 from (71.50.27.116):

In Reply to: Grants or low interest loans for begining farmers posted by Youngfarmhand on November 09, 2006 at 16:37:36:

The FSA is where most of my loans came from. I bought 400 acres and then cattle and machinery and they're also the source for my operating note. I rent the rest of my land. They have first time farmer programs especially for that. Their interest rates will be the cheapest. My interest is fixed on the land at around 4% and my operating note was 3.25% last year. They are rising though just with all other interest. You need 3yrs of schedule F's as I recall and you can only borrow up to 250,000 for land. After that they'll guarantee loans, where you get a loan from a bank or other institution and they'll guarantee it. There are other restrictions too, such as your land has to appraise for more than the purchase price, etc. Talk to your local FSA office and they should have a loan officer that will get you a list of requirements. It'd make it easier if you could get a little bit of farming going now, no matter how small and start filing a schedule F (profit or loss from farming) with your tax returns. My loan officer was great in getting me started.
David

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