OT: Gov't programs?

[Don-Wi]

I was wondering if any of you guys can help me out. I know the Government has some programs for those who want to buy their first farms, and I was wondering if any of you guys could point me in the right direction.

My second cousin (the one who was almost killed by his bull 2-3 years ago) was gonna sell his farm to his friend, but I just found out that his friend backed out due to other financial obligations and times being tough.

I've wanted to buy it for a while but now I may actually have a shot at it in a few years. I still would have to do some serious talking to him and a whole lot of penny pinching, but I'm thinking I'd be a fool to not try to persue it.

It's about 10 minutes from the home farm too, so it's plenty close enough to use the same equipment on both locations if I could make a go of it.

Wife would love it too- She'd have a place for a few grass burners...

Donovan from Wisconsin

 

[Anonymous-0]

Info on Federal Programs is here:

http://www.fsa.usda.gov/FSA/webapp?area=home&subject=fmlp&topic=landing

Many states also have programs that may help you. I don't know about WI, but here in MN there is the Family Farm Act that gives a loan from the state at cut rate or no interest when buying a farm from a family member if you meat certain criteria. I'm not sure if it applies to cousins though. It is more designed for children who are already working on the farm they are buying from parents.

Good luck, and I agree with your friend about times being tough. It's getting pretty hard to get into being a full time farmer these days.
USDA loans

 

[Anonymous-0]

Best place for you to go is your personal banker as he knows all the ropes.

 

[Anonymous-0]

share farming or leasing [if possible] may be the way to go until you can muster the necessary to purchase.!!

 

[noncompos]

I don't know anything about these programs, or how they're administered, but most organizations in financing, whether national, state or local, are pretty well puckered up these days. Lenders are in no mood to take chances.
This means you must have everything positive about your proposed operation at your fingertips, and you should also try to anticipate any objections or weak points; you want to be able to present what looks like an almost certainly successful project. Good luck.
PS: If you get turned down on financing, don't take it personally; most lenders have become ultra-ultra conservative--it's the times, not you.

 

[Paul Sebek]

Here in Nebraska they have programs to help people get into farming with the average age of farmers at 54. Might want to check with the state they might have their own program.

 

[Don-Wi]

Well, some of his hardships (if not all) are his own fault. Seen him driving through town the other week in a brand new fully loaded F350 deisel dually...

Donovan from Wisconsin

 

[VADAVE]

Yeah there is a program to help first time farmers. Go into your local FSA and ask, if their not trying to rip everything off you'll get some help. The FSA here is pretty good and a lot of help--course they also don't like it when I start growling, only happened once. Boss was jumping around like crazy and the office help started hiding when I came in after that till they figured out I was easy to get along with as long as they had their duck in a row and were willing to explain the rules. No hear-say, no guessin' and no interpetations just follow the rules.

 

[JoshuaGA]

I believe that their loans are up to $300,000 for 20 years at 4% interest. However, FSA told me that they would not supply the loan without at least 3 years records and if commercial lenders turned down your request. Also, might want to check into their loan garuntee program. Covers 95% of up to a (I think) $900,000 loan.

JoshuaGA