Posted by John (C-IL) on February 28, 2009 at 04:42:19 from (12.109.70.88):
In Reply to: Farm loans posted by Eric b illinois on February 27, 2009 at 18:42:44:
I agree with the others, contact FCS.
My personal experience last week. I'm looking at some land that the purchase price will end up around $500,000. It will take right around $200,000 in cash or other colateral to swing the deal. I'm 20 years older than you and close enough to slowing down that I'm unsure about mortgaging the next 20 years of my life. You are young enough to follow your dream, so if you can swing the financing I'd say to go for it.
BTW, I think the cutoff for the young/beginning farmer programs is 30 years old. I know that when I started 20 years ago I was too old.
Good luck and keep your focus on what you want to accomplish.
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