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FSA Beginning Farmer Loans
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Nate B.
Posted 10/1/2014 08:01 (#4102608 - in reply to #4100922)
Subject: RE: FSA Beginning Farmer Loans



Bremen, KS
Not the same thing, I know. In 1981 I assumed an FmHA loan on land we were purchasing. It was 5% fixed which was a steal in 1981 (rates were easily double to triple of that). Despite the low interest rate I absolutely came to hate walking into that office, but I was married to that loan for another 21 years before I could pay it off after selling that parcel. To make matters worse, I also got operating loans through them in the '80s. IME, even the worst private lender has laws to follow that make them more acceptable than the FSA/FmHA on their best day.

The required paperwork was stupefying. A private lender is happy with a copy of the tax return and a balance sheet and the government requires minutia to the nth degree. If I had a crystal ball I couldn't have been as accurate as they wanted and then you have to go back through it later in the year and get the seventh degree as to why your projections, err wild assed guesses, didn't come close to reality. Well, the SWAGs were to keep them from shutting me down until I get some income to make the payments.

Even Satan would be easier to deal with--he only wants your soul!

Just say no to government loans.
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