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east central iowa | i got in on the beginning farmer loan program a couple years ago. 1.5% interest on 45% of the purchase based on 20 years, 50% from a local bank amortized over 30 years. Makes for a 5% down payment with this setup. The key is that it must cash flow. Every year i must send in financial statement along with tax records. Not sure on the max amount on their part but i think it was either 300 or 350k. it was a great way for me to purchase my first farm with little cash down. you also need to be farming less than 10 years to qualify. It also takes a while to close, I was told several different times of a close date but with all the red tape of the government it ended up taking 5 months to complete the transaction. In the end it was worth the cheap interest for all of the hassles! | |
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? on buying land
