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Iowa | I was able to get an FSA loan pre approved for an auction. It probably helped that I had the money set aside for the %15 due the auction date as deposit/down money. This was for one of the 50/50 loans though, not beginning farmer. I think I started the paperwork 3 months before the auction date and just had them approve me up to a certain amount I was comfortable with. Closing was around 3 months after auction. | |
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WSJ article on farmily farms interesting read