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It can't be this difficult...what am I missing
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<blockquote data-quote="Anonymous" data-source="post: 514475"><p>Texasgal-</p><p></p><p>I have found out the same thing about the FSA financing you are talking about. FSA wants three years of farm management before they will give you a loan- why?</p><p>I have worked on the commercial end of Agriculture for the last 5 years and have a BS in Business- but that does not count for much according to FSA. </p><p>Around here, they want to loan money to people who are currently farming- and pretty much do not need a beginning farmer's loan.</p><p></p><p>As far as mortgages go - on my income alone (my wife's not included) I applied for a home loan 1.5 years ago and the banker told me I was approved for at least $350,000. What?!?! There was no way I could make the note, property taxes, & PMI on that and have a worthwhile existence. Now- if I wanted to borrow money for a business(farm) that is a different story. I would first need to prove that I have enough net worth to basically not need the loan.</p><p></p><p>That is probably why Bear Sterns is in trouble and the Bakers are marching on Washington- we're focusing on the wrong things.</p></blockquote><p></p>
[QUOTE="Anonymous, post: 514475"] Texasgal- I have found out the same thing about the FSA financing you are talking about. FSA wants three years of farm management before they will give you a loan- why? I have worked on the commercial end of Agriculture for the last 5 years and have a BS in Business- but that does not count for much according to FSA. Around here, they want to loan money to people who are currently farming- and pretty much do not need a beginning farmer's loan. As far as mortgages go - on my income alone (my wife's not included) I applied for a home loan 1.5 years ago and the banker told me I was approved for at least $350,000. What?!?! There was no way I could make the note, property taxes, & PMI on that and have a worthwhile existence. Now- if I wanted to borrow money for a business(farm) that is a different story. I would first need to prove that I have enough net worth to basically not need the loan. That is probably why Bear Sterns is in trouble and the Bakers are marching on Washington- we're focusing on the wrong things. [/QUOTE]
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It can't be this difficult...what am I missing
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