You can't buy a farm at auction with an FSA loan. The only way you could pull it off would be to get some one else to buy it and you buy it from them. I was approved for my farm on March 8th. Closing was November 7th!!!!! 100% at 5.25% for 40 years is a good deal, but you are going to have to do hours and hours of paper work. The folder they have on me is about 2 inches thick, bank statmets, tax form, forms from my town job, statments on every loan I have ever had, two credit reports, all my production records for the last 3 years, copys of my last 3 tobacco contracts, and alot more forms with my signature that I do not know what are! You will have to let them put a lein on every thing you own. If I could swing a regular bank loan I would. If I buy any iron what so ever I have to give them all the info about it and they have a lein on it, for 40 years. The best thing I can tell you is if you want some ground and have to get a FSA loan, get your brother or some one to buy it and then sell it to you when the money comes. Best of luck.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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