I just got a farm last year with a FHA first time farmer loan, the only way you can realy start with nothing. Yes, you can buy a $200,000 home on a 2 acre lot with a $40,000 year job and no down payment, but I could not find a deal like that for farm ground. Any way, my FHA loan is set up on 5.25% for 40 years (no prepay penalties) 5.25 for 40 years and $750,000 your payment would be $45,214.78/year (intrest over life of the loan would be $1,058,591.05!!). If you figure BOTH the crop and pasture ground that would be $301.43acre/year just to make the paymenets.
Now you have some real numbers to go on. What do you think?
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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