Deere6 - 1/19/2019 10:21
coup - 1/19/2019 11:11
Deere6 - 1/19/2019 09:45
Yes, so it allows a beginning farmer to borrow 1.2 million with more less 2.5% down, just as I said.
Your wrong on your numbers Is 5% down on $1.2 million not 2.5%. Also need to have $1.4 million purchase with 5% down to have use of full $600,000. Is 45% max of total.
I dont think so, but maybe on the total $ amount. There are 2 programs, 1 requires 5% down 1.5% for 20 years. The other requires ZERO down payment, 2.5% for 40 years. The total of these 2 programs can add up to 600k, meaning total purchase of 1.2 million. If split evenly that essentially means 2.5% down on 1.2 million. Not 100% but I believ the 300k now 600k, is total purchase and down payment is subtracted from it. So 95% of 600 or 570k is actually the max loan amount from fsa. Could be wrong on that but either way its a crap ton of money with small down payment for a beginning farmer.
What good is having the FSA open if you can't do anything?
