As Mike in MN has said, most of these old industrial tractors are VERY heavy duty but for the most part they were all very well used and probably pretty worn out. Check all the pins and bushings at any pivot point on the backhoe and loader. I would suspect it's pretty loose. If it's not maybe it's had some maintenance.
I must echo what Mike has said, unless you are a good mechanic, you would probably do well to find something newer even though it will cost more because you can/will dump a lot of money into one of these. Or depending on how much work you need it for, hire someone with a machine.
I have a 202 MF with loader and backhoe and the backhoe works but is very sloppy and has a few minor leaks. I wouldn't even dream of repairing everything that is wrong with it. I only fix the things that are absolutely necessary and hope for the best. I have just learned to go slow and easy with it and not dig close to anything I value.
Having said all that, if you like a challenge and have deep pockets, go for it!
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Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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