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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