First Time Farmer FSA Loan

[Quiikk]

My husband and I are trying to fill out these forms for a first time farmer loan from the FSA office. Currently we have about 50 head of sheep but want to grow into cattle. We have no land and rent everything. The bank wanted about 30% of the total loan in order approve us. We have been doing this with that smallest possible help from banks or any family members. Yet we don't have the means to buy land. I've read in these forums to stay away from FSA loans but we don't have many options. We have had sheep for about 2 years but the FSA loan requires 3 years experience. My husband's family is from out here so he has a few more years than I do into other farming and ranching experience. The FSA loan woman suggested he take me off the loan application which irritates me considerably but if it gets us a loan then I guess there isn't much choice.

My real question is: On the part of the loan application where it asks to list your farming/ranching experience, what are they looking for? Are they looking for a list in perhaps a resume type format?

Thanks

 

[inbredredneck]

I basically described my responsibilities, and day to day on the job activities as they would relate to successfully managing a farm and ranch. They don't need a novel, but they do need enough info see that you will not recklessly spend our money.

 

[inbredredneck]

I'm not sure why some people are so against an FSA loan the only difference is lower interest rate.

 

[JSCATTLE]

I'm against Fsa because I don't qualify . My credit score was to high and that isn't right to loan to some and not others because they have to high of a score . When it's all of our tax dollars that back it .

 

[inbredredneck]

I'm against Fsa because I don't qualify . My credit score was to high and that isn't right to loan to some and not others because they have to high of a score . When it's all of our tax dollars that back it .

What loan program did you apply for?

 

[JSCATTLE]

It was several years ago it was to buy land I had my banker helping me with it . It was the beginning farmer and rancher loan . I was told that I had good enough credit to go to the farm credit bank and get a loan there . Nevermind I was missing out on the low interest rate . My farm loan is 6 percent Fsa was around 2 percent if I remember right . To me that's not fair . I should be able to enjoy a 2 percent loan I pay taxes . And I probably pay a lot more in taxes than the people getting the loans .

 

[inbredredneck]

It was several years ago it was to buy land I had my banker helping me with it . It was the beginning farmer and rancher loan .

If your credit score was so high, why then did a tradional lender refuse to lend to you?

 

[JSCATTLE]

It was several years ago it was to buy land I had my banker helping me with it . It was the beginning farmer and rancher loan .

If your credit score was so high, why then did a tradional lender refuse to lend to you?

They didn't refuse to lend me . I wanted the lower interest rate . I ended up getting a traditional loan and pay 4 percent more in interest .

 

[inbredredneck]

It was several years ago it was to buy land I had my banker helping me with it . It was the beginning farmer and rancher loan .

If your credit score was so high, why then did a tradional lender refuse to lend to you?

They didn't refuse to lend me . I wanted the lower interest rate . I ended up getting a traditional loan and pay 4 percent more in interest .

Well now, if you don't meet the requirments for the loan you will be denied, simple as that it had nothing to do with your credit score being to high.

 

[JSCATTLE]

Well now how do you suppose I was told to go to a regular bank ? The only requirement I didn't meet was I could get a loan from someone other than the government . I e I had to much credit .

 

[inbredredneck]

Again this had NOTHING to do with a high credit score, you did not meet the requirments of the loan program. Your credit score was irrelevant.

 

[JSCATTLE]

Again this had NOTHING to do with a high credit score, you did not meet the requirments of the loan program. Your credit score was irrelevant.

I give up . Your not the sharpest tool in the shed are you ?

 

[inbredredneck]

Again this had NOTHING to do with a high credit score, you did not meet the requirments of the loan program. Your credit score was irrelevant.

I give up . Your not the sharpest tool in the shed are you ?

Nope, but I do know when a person doesn't meet the requirements of a loan program. This is the very reason people give FSA loans a bad name, they can't understand clear black and white print. That was a requirement 25 years ago, same as it is now.

 

[JSCATTLE]

Personally id like to see all government loans and hand outs done away with but that's another topic for a different place ...

 

[Bigfoot]

All I know about fsa I have learned from word of mouth. I guess thats the worst way to get info. I thought you had to be a full time farmer/rancher to get one. I got turned down for a low interest fema loan once. I didn't owe enough money prior to the disaster. I had to come back the second time the same way I did the first time.

 

[houstoncutter]

Personally id like to see all government loans and hand outs done away with but that's another topic for a different place ...

:clap: :clap: :clap: :clap: :clap: :clap: :clap: I hear you brother. I ran into the same crap JS. I would have had to pay 4% more interest on my bank loan as well. Lets see what did I do wrong.... I lived in a trailer for 15 years while I saved up to pay cash to have my house built....a move that will save you lots of money. I drove ol cars and trucks, had old tractors, and just basically lived a simple life.... My reward, when I wished to purchase more land... The finger.... I was told, your too rich and dont have any debt so you dont qualify for this type of loan. So lets see... dead beat= low interest loan...

 

[backhoeboogie]

So lets see... dead beat= low interest loan...

Pretty much sums it up. You pay your bills and your name is mud.

It is the same with college tuition. You can't write it off your income tax because you earn too much money. You have to pay taxes on it. Everyone else gets grants.

 

[heath]

Well now how do you suppose I was told to go to a regular bank ? The only requirement I didn't meet was I could get a loan from someone other than the government . I e I had to much credit .

All you have to do is her 3 banks to give you a letter of denial. All they have to say is you don't meet their requirements, I simply told the banks I wasn't willing to put any money down. My credit score is around 800 so if your sharp you could figure out how to deal with them.

 

[backhoeboogie]

Well now how do you suppose I was told to go to a regular bank ? The only requirement I didn't meet was I could get a loan from someone other than the government . I e I had to much credit .

All you have to do is her 3 banks to give you a letter of denial. All they have to say is you don't meet their requirements, I simply told the banks I wasn't willing to put any money down. My credit score is around 800 so if your sharp you could figure out how to deal with them.

They cannot see your savings and checking accounts?

I guess I am extremely dumb huh?

 

[Dave]

You have to have three banks turn you down to qualify. So just find three banks that don't make that type of loan. That is easy go to the nearest big city and ask for a ag loan. They will turn you down everytime regardless of your credit score or money in the bank simply because they don't make that type of loan.