FSA Loan Program Tips?

[bigbull338]

sounds like your talking about the gurtee gov loan.in wich the gov covers the loan if the bank will loan the money,at 90% w/10% down.an dont think thats considered an FSA loan but im not sure.

 

[Engler]

Different sides of the same coin. Several programs run by the same crew(FSA): there is the guar loan where if it goes bad the FSA will cover x% of the loss and the bank still stands a hit, then there are the grain bin/hay shed loans that are through the FSA, and there are also the direct loans where the FSA loans the money for op, breeding stock land to the borrower. You also get into the EQUIP programs with their grants and loans, and you want to talk about a bunch of garbage, well...

 

[TennesseeTuxedo]

Different animal but as a mortgage banker my number one program is the USDA 100% rural housing loan. It's strictly for a home on a small piece of ground and they frown upon any agricultural structures on the site but for the person who qualifies it's the best loan going bar none.

 

[Lon]

I am actually in the process right now of working of getting a loan through FSA for buying cattle. There is alot more paper work than what the bank wanted when i bought my haytruck but the interest is alot lower. I think it is a direct loan not a loan garuntee though. I think the money saved in interest it worth the hassle of paperwork but at the same time i have heard people tell me not to do it because they had a bad experiance. I only see a bad experience if you dont make a payment though am i right or no?

 

[Stocker Steve]

For some reason, and I believe it has to do with chicken farmers, ours says you have to pour eight inches of concrete. For a 60 x 100 hay barn this meant 1778 yards of concrete! For HAY! Needless to say, no one around me bit the hook on this one except maybe a chicken producer but it seems they got some free money for theirs so I don't know what happened.

How much hay does it take to overwinter a chicken? Could be a way to really cut back on expense. ;-)

 

[xbred]

you have to pour eight inches of concrete. For a 60 x 100 hay barn this meant 1778 yards of concrete! For HAY! Needless to say, no one around me bit the hook on this one except maybe a chicken producer but it seems they got some free money for theirs so I don't know what happened.

60x100=6000 sq. ft.=148.148 cu. yds
(60*100*.67)/27=148

 

[Jogeephus]

you have to pour eight inches of concrete. For a 60 x 100 hay barn this meant 1778 yards of concrete! For HAY! Needless to say, no one around me bit the hook on this one except maybe a chicken producer but it seems they got some free money for theirs so I don't know what happened.

60x100=6000 sq. ft.=148.148 cu. yds
(60*100*.67)/27=148

OOOPs, your right but I meant to type 178.(footers and such increase your figure) In other words, $17,800 dollars which is more than the barn costs to build. In other words, this would more than doubled the cost of the barn for no good reason.

 

[JSCATTLE]

I built a steel framed 40 x 120 for 18 k built it my self though ... Do yall have a farm credit bank ? I use agri land and the intrest is about 5 percent right now on cattle and equipment barns etc....

 

[TexasBred]

I am actually in the process right now of working of getting a loan through FSA for buying cattle. There is alot more paper work than what the bank wanted when i bought my haytruck but the interest is alot lower. I think it is a direct loan not a loan garuntee though. I think the money saved in interest it worth the hassle of paperwork but at the same time i have heard people tell me not to do it because they had a bad experiance. I only see a bad experience if you dont make a payment though am i right or no?

lon most papers relative to a mortgage or any other kind of loan have absolutely zero in them that is in your favor but as long as you make one payment a money per the contract you have nothing to fear. ;-)

 

[Massey135]

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.

 

[TexasBred]

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:

 

[Isomade]

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:

:lol: :lol: :lol: :lol:

 

[heath]

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.

 

[TexasBred]

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

 

[Stocker Steve]

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?

 

[heath]

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.

 

[longhornlover3498]

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.

 

[Beefy]

yeah they take time.

 

[lowellcantrell]

Here in Kentucky, with tobacco and beef cattle, have had better rates and better service through Farm Credit Services of Mid America.