Anybody had any experience with Farmermac farm loans

[FarmboyBill]

Supposed to be for part time farmers. I cant get the thing to open

[MullersLaneFarm]

Was trying for that to refinance the farm a few years back after we added on to the house.

After filling out a lot of forms, applications, and waiting and waiting and waiting, we went with a regular fixed rate mortgage because it was faster AND the interest rate on the fixed rate mortgage was lower than Farmer Mac.

[Silvercreek Farmer]

I am not sure what fed program I checked into, but they said that you first had to be turned down by several regular banks before they would look at your request.

[ozarkcat]

The Farm Service Agency has loans to those who cannot otherwise get a loan - it does, however, have limited funds available & I think does require okay credit. Here's a link:
http://www.fsa.usda.gov/FSA/webapp?a...&topic=landing

[Silvercreek Farmer]

Originally Posted by Matthew Lindsay

I am not sure what fed program I checked into, but they said that you first had to be turned down by several regular banks before they would look at your request.

Along these lines, if you have been turned down several times, it is probably for good reason, and you probably need to be a bit stronger before you borrow the money. I have seen several people who have gotten SBA loans, because regular banks wouldn't loan them money, then go under because they just weren't ready to borrow what they did. I would hate to see a farm succomb to the same fate.