Iowa | john holland - 4/10/2024 13:25
I just talked to a banker about 160 acres that should bring about $1.2M. He said that my finances may be too good to get a beginning famer loan since they require you to have a need to get approved but the bank wouldn't approve a stand alone loan because I couldn't demonstrate enough cash flow. This was with a down payment and plans to sell off a building site. 30 yr fixed is at 7.75% less abut 1/2% patronage. 80 acres would be easily doable but the land market locally has very little liquidity.
Find a different banker, the FSA will take an excuse as small as the banker saying they can't offer a fixed rate loan to you because of the current economy. |
How can a young farmer afford ground?
