FSA Loan Program Tips?

by **TexasBred** » Sun Oct 23, 2011 7:45 pm

Massey135 wrote:My experience with the FSA has been as expected with anything in the public sector. Literally zero sense of urgency on behalf of any of the employees. Though the process is sloooow and the employees are middle school educated, the 7 yr one and three quarter percent , 1.75%, IR on my operating loans keeps me coming back. No private bank can compete with the rates the FSA offers. My annual pmts are 3k per 20k borrowed. The only down fall is that they do not offer a line of credit. All borrowed funds starts accruing interest as soon as the funds are deposited.

Rough on a "genius" like yourself to have to sit and kiss a middle school grads. ass in order to get working capital isn' it. Bet they enjoy the he77 out of it too and take their merry time.... everytime. :mrgreen:

by **Isomade** » Sun Oct 23, 2011 8:03 pm

TexasBred wrote:
Massey135 wrote:My experience with the FSA has been as expected with anything in the public sector. Literally zero sense of urgency on behalf of any of the employees. Though the process is sloooow and the employees are middle school educated, the 7 yr one and three quarter percent , 1.75%, IR on my operating loans keeps me coming back. No private bank can compete with the rates the FSA offers. My annual pmts are 3k per 20k borrowed. The only down fall is that they do not offer a line of credit. All borrowed funds starts accruing interest as soon as the funds are deposited.

Rough on a "genius" like yourself to have to sit and kiss a middle school grads. ass in order to get working capital isn' it. Bet they enjoy the he77 out of it too and take their merry time.... everytime.

by **heath** » Tue Nov 01, 2011 9:26 am

I have an FSA operating loan and land loan. I qualified for the loan in august of last year and the operating loan was funded in feb. but the land loan wasnt funded till july, almost a full year to wait. If the real estate market wasnt so weak here there would have been no way the seller would have waited.
I qualified as a beginner farmer and with no money down, it was the only way i could do it and still have money left in the bank for a cushion. With what hay prices did this year i wouldnt have been able to buy what i needed for cows that havent produced a calf crop for me.
My fsa office is helpful, but it is the govt and there is no secret that all things govt take longer.

by **TexasBred** » Wed Nov 02, 2011 4:06 pm

All true....but now you know so next time you'll understand the many delays. Just the way it is.

by **Stocker Steve** » Mon May 14, 2012 4:38 am

I looked into an FSA operating loan, but they said they only wanted to loan to farmers who could not get bank financing???

Is this what you have seen?

by **heath** » Mon May 14, 2012 6:55 am

Just have get a letter of denial from several banks. Mine denied me due to being unable to match the rates and no down payment of the FSA loan.

by **longhornlover3498** » Thu Jun 14, 2012 9:14 pm

i'm in the process of taking out a youth loan with FSA. i was wanting to buy a black limo bull. they wouldn't put the money in my account because the brand i was using on my cows was my grandpas and they said that i had to have my own. so i sent the app to helena for a brand and a family friend said his took 5 months to be approved! so we called up the bull seller and he said if we were gonna take that long he was just gonna sell him. so now we have to wait for that to get approved while we use what little money we have to purchase 13 straws of semen.