What I found out about Farm Credit, and Farm Services

FarmboyBill · #1 04/12/13, 11:07 AM

Went to Farm Credit, and they said they wouldnt loan on anything less than 40 acres. They sent me to Farm Services which they said, loaned on SMALLER amounts. I went there, and they said they didnt loan on less than 230 acres. The min amount of land they thought could support a family.

MJsLady · #2 04/12/13, 11:20 AM

Wow I have a book that says you can support a family of 4 on 1/2 acre, food wise anyway.

Pheasant283 · #3 04/12/13, 11:48 AM

Hmm, yeah I can see Farm Service Agency (FSA) not loaning on a small property. But Farm Credit has a loan they call the "Country Home" loan which is made for small properties/acerages.

ErinP · #4 04/12/13, 12:34 PM

Quote:

But Farm Credit has a loan they call the "Country Home" loan which is made for small properties/acerages.

I was just going to mention this one, too. I wonder why FCS didn't...

goatlady · #5 04/12/13, 12:40 PM

Probably because FBB "most probably" just said he wanted a farm loan so he could grow corn.

rambler · #6 04/12/13, 01:41 PM

http://www.farmcreditnetwork.com/about/who-we-serve

Farm Credit Services has many types of loans, to bad I don't think Bill is under 35, those are the good-deal loans they make.

The rural real estate loans should have worked, unless Bill's property is within a bigger town?

Paul

Mike in Ohio · #7 04/12/13, 01:44 PM

FCS (at least in Ohio) does in fact loan on parcels less than 40 acres. Our first loan from them was for 21 acres.

Mike

FarmboyBill · #8 04/12/13, 03:42 PM

I didnt say I was going to grow anyhthing. They never asked. They only asked what size property I was looking at, and I told them 20 or below.

Lazy J · #9 04/13/13, 07:57 AM

The Farm Credit System is made up of foru Farm Credit Banks and each Bank has its own rules. Whent may happen in Indiana might not be available in Kansas.

FarmboyBill · #10 04/13/13, 09:10 AM

OR OKLa

ErinP · #11 04/13/13, 12:57 PM

I would keep searching, if I were you.
I've checked the websites of a couple of Farm Credits in OK and they offered Country Home Loans...

FarmboyBill · #12 04/13/13, 01:30 PM

Here, they have only one office for 2 counties. One countie has a farm credit, while another has a farm services, but they each service both counties, AND THOSE COUNTIES ALLOTED TO THEM ONLY

ErinP · #13 04/13/13, 02:54 PM

One office serves only two counties??
Here, one FCS office serves the western half of the state! lol
(I don't know about FSA. Never used them)

Farm Service Agency and Farm Credit Services are two different things though given the nature of the business and programs, there's a lot of cooperation between th two.
Farm Credit essentially serves as an independent ag. bank that makes use of government lending programs when it benefits their customers.
Farm Service, OTOH, is strictly a federal agency.

FarmboyBill · #14 04/13/13, 03:41 PM

FS Told me that they only loan when a person cant get financeing anywhere else.

ErinP · #15 04/13/13, 07:32 PM

Yep, that's the rule...

rancher1913 · #16 04/13/13, 10:37 PM

fsa is a last resort lender for farmers and you have to get turned down by three banks before they will talk to you AND you need to be enrolled in their program as a bonified farmer. farm credit or production farm credit as its called here is a joke and they only want to talk to the big, positive cash flow, to big to fail farms. try and find a little independent bank in a neighboring town that works with farmers, we had to go 50 miles away to find a bank that understands farming and wasn't scared of farmers.

FarmboyBill · #17 04/13/13, 11:14 PM

I magine, in OKLA Most banks are afraid of farmers, cause there are hardly no farmers in Okla.