I am using a new farmer loan from USDA to get started. I am in my second year using them. I had no real experience other than growing up on a farm, now I am learning the hard way how to farm. I just jumped in head first and it has been a huge learning experience and expense. The paper work that he is talking about is a pain but the USDA will work with you on that and make sure your filling it out properly a lot at least 3 months for paperwork reviews. Overall its been a good experience using the USDA and would recommend to anyone trying to start out. I didn't need to buy land but I did get the operations and equipment loan from USDA. Better interest rate as well.
Im thinking about using a farm loan for a piece of land i am looking to purchase.. seems like you understand the process would you mind sharing more information
@@Ldtgaming Best thing I can tell you to do is get on the USDA website and read about the options and then go to the USDA office in your area and talk with a loan officer. You dont have to commit to anything to get the information.
New subscriber here! I’m an Hispanic fella from North Carolina. I’ve started exploring my options on ways to start a new operation. I’ve read into this loan a lot and your video just broke it down even better. My questions would be what classifies as 3 years in the AG business? And how high is the approval rate? Keep kicking ass brotha
So the other big thing maybe to mention is there are age limits to the Young farmers loan. It is basically 32 yrs old due to the 3 years of prior experience in AG.
I have been helping my grandfather farm for over 3 years. But I have not filed schedule F can I qualify for a loan to buy a farm? How can I prove I have worked on a Farm for 3+ years?
The best guidance I can give is go talk to your local FSA agent. Some will work with you, and may let your grandpa sign off verifying that you have been involved in the operation for several years. Some agents will not do that but it's worth a shot.
Yes! Ultimately you just need to talk to the agent up there at your local office. The easiest way to qualify is if you have filed a schedule F tax return for 3 years.
I would encourage you to find out if both of you can file separately for it. You may not be able to being that it's your spouse but you'd be able to get more funding if you don't file together. If you try and file you're going to have to have 3 years experience unless you put it in your wife's name.
To my knowledge it doesn't matter if you have a degree or not. I'm not pro College honestly. So I'd say no. I think the time you'd spend at college could be spent learning to farm working on one.
You need to have three years of farming history. The college experience doesn’t really matter, just need three years of background with them. Also it has to be under an entity or sole. My first micro loan did not count towards my years either so that’s another thing.
Well if it makes you feel any better just since I made this video our land prices have gotten stupid. Not as bad as Iowa but land that used to go for say $3k is now about $5-7k/ac. Just since I made this video
@@LHFarmsTN I guess it makes sense. Land is one of those things that they aren’t making any more of. I need to get in touch with my FSA agent and see how the excess over 600,000 is covered.
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I am using a new farmer loan from USDA to get started. I am in my second year using them. I had no real experience other than growing up on a farm, now I am learning the hard way how to farm. I just jumped in head first and it has been a huge learning experience and expense. The paper work that he is talking about is a pain but the USDA will work with you on that and make sure your filling it out properly a lot at least 3 months for paperwork reviews. Overall its been a good experience using the USDA and would recommend to anyone trying to start out. I didn't need to buy land but I did get the operations and equipment loan from USDA. Better interest rate as well.
Thats funny.....as soon as I posted that comment he came to the part of the video where he said allow 90 days for the paperwork.
Im thinking about using a farm loan for a piece of land i am looking to purchase.. seems like you understand the process would you mind sharing more information
@@Ldtgaming Best thing I can tell you to do is get on the USDA website and read about the options and then go to the USDA office in your area and talk with a loan officer. You dont have to commit to anything to get the information.
New subscriber here! I’m an Hispanic fella from North Carolina. I’ve started exploring my options on ways to start a new operation. I’ve read into this loan a lot and your video just broke it down even better. My questions would be what classifies as 3 years in the AG business? And how high is the approval rate? Keep kicking ass brotha
You ever started that farm?
Any income produced at or over $600 needs to be applied to the Schedule F or have the 3 year criteria.
Super helpful man.
So the other big thing maybe to mention is there are age limits to the Young farmers loan. It is basically 32 yrs old due to the 3 years of prior experience in AG.
That's a great point! I should've mentioned that
Under 32?! I just missed it. (33)
You can't be over 32 or you have to be atleast 32?
I couldn’t find part 1
Thank you for the video ☺️
You’re welcome!
Can you do a cash out refinance on the FSA loan?
I am not real sure.
Hi! Thank you for this. How long did it take you to close using the beginner farmer loan?
Thanks for watching! Most of my FSA loans took 90 days to close but I had one that took 120 days. Government is slow!
Now at less 6.5 % before was 2% but now interested is more and u need to pay back later ..
I have been helping my grandfather farm for over 3 years. But I have not filed schedule F can I qualify for a loan to buy a farm? How can I prove I have worked on a Farm for 3+ years?
The best guidance I can give is go talk to your local FSA agent. Some will work with you, and may let your grandpa sign off verifying that you have been involved in the operation for several years. Some agents will not do that but it's worth a shot.
So does work experience at a cooperative count for the 3 year's qualification
It should it’s in the agriculture sector
do you start this process before identifying a farm to buy? sort of like a pre-approval?
If I remember right yes, I had gotten approved first then found the land.
Define farm experience… does landscaping fit in this category?
I really can't say for sure. I would think no but that's something to ask your local FSA agent
So there’s a age limit to this loan? I’ve almost got my 3 years of farm experience. Would you happen to know what the age limit is?
Thanks for watching! I can't remember to be certain but I was thinking it was 45? You just need to check with your local FSA and see.
Does this also apply to someone looking to expand or build on there current farm? How do I make sure my property qualifies as a farm?
Yes! Ultimately you just need to talk to the agent up there at your local office. The easiest way to qualify is if you have filed a schedule F tax return for 3 years.
My wife has well over 3 years of farming experience but I do not. Will that work for the 3 years of farming experience? Or do we both need 3 years?
I would encourage you to find out if both of you can file separately for it. You may not be able to being that it's your spouse but you'd be able to get more funding if you don't file together. If you try and file you're going to have to have 3 years experience unless you put it in your wife's name.
What if starting from complete scratch, but have lifelong experience with farming and agriculture?
Starting from nothing is pretty much the point of this loan. You just have to meet their requirements of the 3 years in agriculture.
If I had a agricultural degree, would I need the 3 year experience that’s required. And would college make it easier to get the loan?
To my knowledge it doesn't matter if you have a degree or not. I'm not pro College honestly. So I'd say no. I think the time you'd spend at college could be spent learning to farm working on one.
You need to have three years of farming history. The college experience doesn’t really matter, just need three years of background with them. Also it has to be under an entity or sole. My first micro loan did not count towards my years either so that’s another thing.
Education in agriculture shaves a year off the requirement.
Hearing under $300,000 for 81 acres as a guy from Iowa is almost enough to make me cry lol
Well if it makes you feel any better just since I made this video our land prices have gotten stupid. Not as bad as Iowa but land that used to go for say $3k is now about $5-7k/ac. Just since I made this video
@@LHFarmsTN I guess it makes sense. Land is one of those things that they aren’t making any more of. I need to get in touch with my FSA agent and see how the excess over 600,000 is covered.