I just got a farm last year with a FHA first time farmer loan, the only way you can realy start with nothing. Yes, you can buy a $200,000 home on a 2 acre lot with a $40,000 year job and no down payment, but I could not find a deal like that for farm ground. Any way, my FHA loan is set up on 5.25% for 40 years (no prepay penalties) 5.25 for 40 years and $750,000 your payment would be $45,214.78/year (intrest over life of the loan would be $1,058,591.05!!). If you figure BOTH the crop and pasture ground that would be $301.43acre/year just to make the paymenets.
Now you have some real numbers to go on. What do you think?
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Today's Featured Article - On the Road with Dave Gohl: Tractors and Farming - by Dave Gohl. I never thought I'd live to see the day, when I could call myself a farmer. What allows me to say this? Well, when our family moved to our 20 acre site near New Prague, Minnesota, I had one thought in mind. You guessed it, farm it somehow. A little history is in order. In my younger days, mom, dad and my brother made frequent visits to dad's youngest brother Pete, who took over the home farm from grandpa MIke. It was the typical set-up, milk cows, pigs & chickens. In the winter, we'd play
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