I agree with TB on most of these but if you have a good relationship with a banker go talk to him First before you sign a contract or start looking and wasting time and he will tell you what you can afford or what they are willing to doTexasBred":1c0d135k said:Pharmer20":1c0d135k said:
Get a contract signed first, contingent on you obtaining financing. Then if you have a local banker you have a track record with present him with the contract, complete the application and "wait". He should be able to lead you thru the entire transaction, let you know what else he needs from time to time and look out for you and the bank thru the entire transaction. More favorable rates might be obtained thru some of the lenders that specialize in farm loans but dealing with "your" banker might be easier but don't expect any favors.
jcarkie":sksn95yt said:my sons went through FSA they have money for young farmers who are starting out, you need a farm plan, it is a long term loan, low interest. my bro-in-law went through farm credit because he made to much money. it was good interest rate either way
TheBullLady":347vjre9 said:I'm a Realtor.. and if you're planning on working with an agent when you're ready to purchase, any agent worth their salt will make sure you are pre approvedbefore they show you anything. That way you're not wasting your time, or the agent / seller's time.
FSA is a good place to start if you're a "first time" ranch buyer, but you'll need to fill out a detailed application, and you'll have to have been rejected by three other lenders to qualify.