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| As Brandon stated the IADA loan is a much easier and quicker process than the FSA loan.
However, the FSA loan is a fixed rate (likely between 4% and 5%) for a long time frame which can really be beneficial for purchasing long term assets. The IADA loan terms are up to the bank you choose to work with.
Ask your banker what he knows about both programs and check with your local FSA office.
Not sure what the $ amount is capped at on the IADA loan but the max on the FSA loan is $300,000.
If you are wanting a FSA direct loan definitely contact them before you do any signing of purchase papers. There are a bunch of requirements that have to be met BEFORE you can purchase anything.
If you sign purchase papers before the loan is granted it is to late and it wont happen. | |
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New Farmer Loan in Iowa
