fsa beginning farmers loan?

[agnes_day]

i am really curious about this..someone told me that this is a loan for people who want to get into the business of farming. is that true? i was reading the website and it really seems like a good thing but i am wondering why they offer them without very many requirements? i called and asked, and she said it was for people who wanted to get into farming, that hadnt been in that business before or who hadnt farmed in 10 years.

 

[ChevygirlBeth]

We are in the process of buying our farm using one of these loans. There is a lot of paperwork involved and you have to be able to show them what your plans are (what your costs and income will be, etc.). One of the things that you have to have to qualify is a rejection letter from another lender, without that, you aren't elligible.

It is a program set up to help people get into farming - there's no down payment and the interest rate is fairly low. The whole intent of the program is to get you started, but they expect you to refiance through another source as soon as you can reasonably do so.

 

[garnet]

I'd be interested to know more.

 

[ChevygirlBeth]

I'm trying to find where I filed away all the fact sheets that they gave me. When I find them, I'll try to provide a little more info if I can.

 

[ChevygirlBeth]

Here is a link with a little information.

Here's a link to one of the fact sheets.