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USDA/FSA loans.....can't believe how hard to qualify
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<blockquote data-quote="Huntet02" data-source="post: 1562916" data-attributes="member: 21195"><p>Wasn't sure which board to put this on-- desperate for tips. </p><p>IM in Kansas and the USDA/ FSA Micro loans here arent worth the paper printed on; i don't believe these folks want to help anyone. </p><p>Wanted to borrow $5K for cattle chute/better panels and see how the loan worked. So after filling out 10pages yest for Micro-loan Today they tell us we have to meet <u><strong>a test of credit AND have a bank denial letter in order to qualify. </strong></u> SAYYY WHAT? My bank will loan me $ and I've worked hard for my good credit but at 9% interest (just did it when I bought 1cow) i don't want to waste that much $. Loan Rep from FSA told me yest $5K would be $1000/yr for 7yrs at 3.75% what a tease! But today after she talked to her Mgr we gotta jump through 'idiot hoops' :deadhorse: to qualify. We tried applying 3 yrs ago and i forgot why we gave up. I work for the Fed Gov guess i should have known ..... :roll: </p><p></p><p>How is a small rancher supposed to get approved for this program? </p><p></p><p>My loan Reps exact words; </p><p>had forgotten that you have to meet the<u> test of credit for micro-loans just like you do our regular direct loans</u>. Basically, FSA cannot compete with commercial lenders. <strong><u>So if your bank is willing to make you the loan than you would not be eligible for an FSA loan.</u></strong> If you talk to you bank and they are willing to provide a "denial letter" then FSA could look at your loan application. I apologize that I did not discuss this with you yesterday, I was just reminded by my manager that test of credit is required for the micro-loan program also. </p><p></p><p>LIke to know how folks successfully use this program. </p><p>Thank you kindly</p></blockquote><p></p>
[QUOTE="Huntet02, post: 1562916, member: 21195"] Wasn't sure which board to put this on-- desperate for tips. IM in Kansas and the USDA/ FSA Micro loans here arent worth the paper printed on; i don't believe these folks want to help anyone. Wanted to borrow $5K for cattle chute/better panels and see how the loan worked. So after filling out 10pages yest for Micro-loan Today they tell us we have to meet [u][b]a test of credit AND have a bank denial letter in order to qualify. [/b][/u] SAYYY WHAT? My bank will loan me $ and I've worked hard for my good credit but at 9% interest (just did it when I bought 1cow) i don't want to waste that much $. Loan Rep from FSA told me yest $5K would be $1000/yr for 7yrs at 3.75% what a tease! But today after she talked to her Mgr we gotta jump through 'idiot hoops' :deadhorse: to qualify. We tried applying 3 yrs ago and i forgot why we gave up. I work for the Fed Gov guess i should have known ..... :roll: How is a small rancher supposed to get approved for this program? My loan Reps exact words; had forgotten that you have to meet the[u] test of credit for micro-loans just like you do our regular direct loans[/u]. Basically, FSA cannot compete with commercial lenders. [b][u]So if your bank is willing to make you the loan than you would not be eligible for an FSA loan.[/u][/b] If you talk to you bank and they are willing to provide a “denial letter” then FSA could look at your loan application. I apologize that I did not discuss this with you yesterday, I was just reminded by my manager that test of credit is required for the micro-loan program also. LIke to know how folks successfully use this program. Thank you kindly [/QUOTE]
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USDA/FSA loans.....can't believe how hard to qualify
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