Posted by NY 986 on January 15, 2009 at 10:13:18 from (166.217.241.155):
In Reply to: ot: purchasing farm posted by old fashioned farmer on January 15, 2009 at 09:01:31:
I by all means encourage you to look to look at wide number of options for financing. One thing to consider with FSA is you may not qualify by their means testing. The original intention of "beginning farmer" was to help those get started that had absolutely no other financial means to get started. Years ago part of the test was to apply to other lenders and be turned down (I think by at least 3). Do not be afraid to talk to conventional lenders even in these times. Being free of government money means being free to pursue whatever enterprise fits your goals without restriction. Not to say you're free to run in an irresponsible manner. With the shape the federal gov't is in, if you did get a FSA loan, can you count on the gov't not to want to get out of it and either sell or call your loan in. Never be afraid to see if the selling owner has the ability/desire to help finance. Use a lawyer qualified to write up an arrangement to protect your interests and eliminate surprises. Just remember you might be buying at a point where farmland might be at a decades high peak. Might want to think about any problems that might arise if your farm value slides 30, 40, or 50% or more. Would something like that erase a good portion of your equity? Some lenders are weak on support during prolonged lean times (if you had to seek refinancing) and you would hate to take drastic measures to solve a problem. Just somethings to consider and wish you success on this.
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