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Starting A Farm from scratch.
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<blockquote data-quote="Engler" data-source="post: 1171982" data-attributes="member: 4110"><p>I don't know if there are any programs just for vets, however I think that in most cases being a vet does get you moved to the top of the list for funding. One FSA program that I know of is the 5-45-50 program where you have to put 5% down, get 50% of the funding from a conventional lender (bank) and FSA will lend you the remaining 45% at pretty good terms (currently 1.5% fixed for 20 years). Different states may have some programs for beginning farmers and/or vets that you can piggy back on to this. With as cheap as money is now, I would look at loading up the farm with longer term debt then using your cash for improvements, machinery and livestock purchases. Rough math the principal and interest on the land loan (40k) is going to run you about $2,500/year. I know a lot of people will advise against debt of any kind, but if you are going to have debt long term, structured, fixed rate is better than 3-5 year stuff that the interest can go nuts on.</p><p></p><p>Next, find someone smarter than you-no disrespect intended. We can't be experts in everything, so find a chemical guy that you trust, find a good mechanic, find a good vet(the other kind), and so on. </p><p></p><p>If you can find that mentor that is willing to take you under their wing remember that we have one mouth and two ears for a reason. Don't be afraid to ask question, but don't question everything. </p><p></p><p>Good luck</p></blockquote><p></p>
[QUOTE="Engler, post: 1171982, member: 4110"] I don't know if there are any programs just for vets, however I think that in most cases being a vet does get you moved to the top of the list for funding. One FSA program that I know of is the 5-45-50 program where you have to put 5% down, get 50% of the funding from a conventional lender (bank) and FSA will lend you the remaining 45% at pretty good terms (currently 1.5% fixed for 20 years). Different states may have some programs for beginning farmers and/or vets that you can piggy back on to this. With as cheap as money is now, I would look at loading up the farm with longer term debt then using your cash for improvements, machinery and livestock purchases. Rough math the principal and interest on the land loan (40k) is going to run you about $2,500/year. I know a lot of people will advise against debt of any kind, but if you are going to have debt long term, structured, fixed rate is better than 3-5 year stuff that the interest can go nuts on. Next, find someone smarter than you-no disrespect intended. We can't be experts in everything, so find a chemical guy that you trust, find a good mechanic, find a good vet(the other kind), and so on. If you can find that mentor that is willing to take you under their wing remember that we have one mouth and two ears for a reason. Don't be afraid to ask question, but don't question everything. Good luck [/QUOTE]
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