Whether through the FSA or the USDA there are many programs available help individuals receive farm loans. Federal and commercial efforts to improve rural areas as well as the process for receiving loans for rural areas have made acquiring a farm loan easier than ever. Apply today to contact up to four lenders about farm loans.
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Farm loans can also be insured by the Farmers Home Administration (FmHA). The FmHA works much the same was as the FHA by insuring, not funding, home loans with low interest and low down payments. FmHA loans are only eligible for homes in rural areas.
If you are interested in farm loans, using the equity on your home to finance farm improvements and modernizations may be your best option. Home equity loans and home equity lines of credit are very popular means of funding farm improvements.
Rural homeowners, whether farmers or not, may be eligible for loans insured by the Rural Housing Service, which operates under the Department of Agriculture. These loans are available for individuals and families who do not have adequate housing but can afford moderate mortgage payments. The RHS insured loan can be used either to purchase, repair or relocate a home. The term of the farm loan is generally 30 years but there is no necessary down payment Houses purchases or repaired using these loans must meet RHS standards and be modestly priced.