pour pharmer - 3/26/2011 16:42
I was not sure which forum to post this in but i was wondering what everyone thought about Farm Credit service. And to be more specific i want to know how they are when dealing with land purchases.A few questions
1. How do their interest rates compare to your local bank?
2. What do they generally want for a minimum downpayment as percentage?
3. In general are they better to work with than your local bank i have a very good relationship with my local bank but i would hate to pay say .5-1% or more interest over the life of a loan if FCS has cheaper interest rates
There is land sale coming up in the neighborhood and I am hoping to be a first time purchaser.
I don't have much good to say about them to be honest. They claim to "help young farmers" but they have always denied me. They might be fine for someone who is established but not for someone who has nothing or next to it. Last time I tried to deal with them they said they couldn't help me on a loan but said they would love to sell me crop insurance and do my books. I almost came unhinged when they had the gall to ask for the gravy when they didn't want any of the risk.
I have had much better luck with SMALL LOCALLY OWNED banks where I am not just a number. I like cheap intrest too but there is nothing like a new assinine policy change from corperate to screw things up.
I asked my (small local) banker the other day what they would require down and she said 20% if it had buildings and 35% if it was bare land. | 
What's your opinion of farm credit service?
