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NE Iowa | FSA interest rates are 1.5% right now using the 5-45-50 farm ownership program. 5% down, 45% financed through FSA for 1.5%(up to 225,000) amoritized over 20 years and the other 50%(or remaining balance if the total farm price is over $500,000) is financed commercially or through the contract seller amoritized over 30 years. A balloon payment to the back or contract seller can happen after 20 years, but MUST be amoritized over 30. Different FSA offices have their own agenda if able to use the contract seller as the 3rd party financing. Although in an auction settin, the 3rd party will be commercial financing. FSA currently doesn't have funding approved, so a bridge loan for the $225,000 will likely be needed from a commercial bank anyway until our gov't can pass a budget longer than a 2 week time span. | |
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New Farmer wanting to buy land...
