Columbia City, Indiana | iadirt - 8/25/2011 20:21
The way I understood it the other 50% comes from a bank and FSA would be the second mortgage. Thus if the crap hits the fan, the bank gets their money first and FSA gets what is left.
If you can get $225K from FSA, $250K from a bank and put $25K down, you can buy a farm for $500K. On top of the low rates thru FSA they can spread your payments out over 40 years. Not a bad way to get started.
How many beginning farmers have 25k to put down? Also, if they do have that much cash, the wouldn't have gotten turned down by commercial lenders in the first place. I agree with Chuck. |
Buying Land - E Central IL
