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 - The Perfect Restoration - by Chris Pratt. Often, in quiet moments, I have wandered back in my thouhts to the many tractors I have seen over the years and wondered which one inspired me the most. Sure, we have a fond attachment to one brand and model or another, sometimes it was remembering that first time we got to climb up in the drivers seat and command that roaring beast, or maybe because when you see that special model, you can't help but see Dad on it, he's gone, but everytime you see a tractor like his, it's a like part of him i
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