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North End I-15 | FmHA appraisal on first piece of ground I bought was less than the purchase price . Because they would only lend 90% of their appraraisal price it took some creative financing to get the job done . The bank lent me the 10 percent of FmHA value for down .The amount over appraised value the bank had to lend the difference on a separate note not backed by the real estate . Interest rate was 5 %. to FmHA , 8% at bank.
On all the other pieces of land purchased after that , FmHA lent 100% Untill I surpassed the ideal family sized farm. Then it was graduation time.
Back then the FmHA idea of a family sized farm was a total out of date ,unrealistic plan.
They thought every one should farm with a JD D and a 12' duck foot cultivator. Keep a large garden, milk a cow , slop a hog with 5 gallon pail ,have free range chickens , and wear bib overalls .;-)
( it was not that long ago , graduation was to FCS as land lender. )
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How is land value appraised?
