Farm Ownership Loans (Direct And Guaranteed) Reaches Out To Farmers
Keywords: Farm Loans, Agricultural Loans, Agriculture Loans, Ranch Loans
For those farmers as well as ranchers, who do not qualify or are unable to obtain a loan from a bank or any other financial institutions like the Farm Credit System or money lenders can now approach the FSA or the Farm Service Agency who provide FO or farm ownership loans to such individuals. Besides, making loans available to farmers and ranchers in dire situations like natural calamities or financial hardships, the FSA also provides loans to initial farmers. Farm ownership loans are used to finance several purposes on a farm or a ranch, right from purchasing a farm or a ranch to construction of buildings, real estate renovations, improve soil and water conservation, and pay closing costs of loan. Under this program, a farmer or a rancher can avail of guaranteed as well as direct loans.
Guaranteed Loans
Under this program, the loan is granted through traditional lending mediums. The Farm Service Agency guarantees up to 95% of the loss of principal and interest of the guaranteed loan. The maximum limit of a FSA guaranteed farm ownership loan is up to $899,000.
Direct Loans
Those applicants who are not eligible for a guaranteed loan may qualify for a FSA direct loan. Under this program, direct loans are provided by the FSA with the aid of government funds. FSA makes for direct loans by providing its customers with the necessary supervision and credit counseling, in order to minimize any chances of failure of repayment. The maximum amount of a direct farm ownership loan extends up to $200,000.
Eligibility Criteria
In order to qualify for a FO loan from the FSA, it is mandatory for a farmer or a rancher to satisfy the following requirements:
He must either be a permanent resident in US or a US citizen.
He must not have a pending Federal debt.
Must not have a record of a previous FSA debt that has been forgiven.
Not have a bad or poor history regarding repayment of debts.
Must not have any convictions pertaining to controlled substances.
He should not only be an owner, but also manage a farm.
He should not have any outstanding judgments against.
Should not be eligible for a credit anywhere else.
In addition, to the above-mentioned criteria, the applicant must compulsorily be in a financial position to repay the farm ownership loan as well as have sufficient collateral security against it. Further doubts or queries can be answered by going through the official website of the Farm Service Agency or directly contacting it.
Terms and Conditions of the FO Loan
Irrespective of whether the loan is direct or guaranteed, the repayment period for both the farm ownership loans extends only up to a maximum of 40 years. The interest rates of the direct farm ownership loans are influenced by the government’s cost of funds. For those who cannot afford the FSA’s usual rate of interest can avail of lower resource interest rates. While on the other hand, the rates of interests of a guaranteed FO loan are determined through negotiations between the farmer and the lender. However, the lender must not charge a higher rate from guaranteed loan customers. Mostly, guaranteed loan customers are generally charged an origination fee by the FSA. This fee is usually equivalent to 1% of the guarantee.
Farm Loans to be used for Ranch and Agricultural uses can be easy when you have the right partner. To get fast and easy quotes and make lenders fight for your business go to www.farm-ag-loans.com.
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