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NW Missouri | Not what you want to hear, but I don't see any way that will work.
Even using FSA financing, you'd need a really good job to come up with the rest of the payment each year. If you used the 50/50 program (3% FSA money for up to 40 years) and assume 7.5% on the other half for 30 years, I come up with a payment of just over $51k per year. So if you figure you could net $10k off the crop ground to put towards it, and you could put $15k towards it instead of making house or rent payments, you'd be halfway there. But you'd have to subsidize the purchase by at least $26k per year, or $500 every single week.
For someone that doesn't currently have a full-time job, that would be a big commitment to make. And under the circumstances, I'd be surprised if you'd be able to get the loans anyway. | |
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Looking For Advice on a Farm
