Farming/Land Ownership 101 Part 2: FSA Young Farmer Loan

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  • Опубліковано 30 жов 2024

КОМЕНТАРІ • 42

  • @Dridism
    @Dridism 3 місяці тому +1

    I am using a new farmer loan from USDA to get started. I am in my second year using them. I had no real experience other than growing up on a farm, now I am learning the hard way how to farm. I just jumped in head first and it has been a huge learning experience and expense. The paper work that he is talking about is a pain but the USDA will work with you on that and make sure your filling it out properly a lot at least 3 months for paperwork reviews. Overall its been a good experience using the USDA and would recommend to anyone trying to start out. I didn't need to buy land but I did get the operations and equipment loan from USDA. Better interest rate as well.

    • @Dridism
      @Dridism 3 місяці тому

      Thats funny.....as soon as I posted that comment he came to the part of the video where he said allow 90 days for the paperwork.

    • @Ldtgaming
      @Ldtgaming 3 місяці тому

      Im thinking about using a farm loan for a piece of land i am looking to purchase.. seems like you understand the process would you mind sharing more information

    • @Dridism
      @Dridism 3 місяці тому +1

      @@Ldtgaming Best thing I can tell you to do is get on the USDA website and read about the options and then go to the USDA office in your area and talk with a loan officer. You dont have to commit to anything to get the information.

  • @fredointhecut7
    @fredointhecut7 2 роки тому +4

    New subscriber here! I’m an Hispanic fella from North Carolina. I’ve started exploring my options on ways to start a new operation. I’ve read into this loan a lot and your video just broke it down even better. My questions would be what classifies as 3 years in the AG business? And how high is the approval rate? Keep kicking ass brotha

  • @gabeolson-jensen8676
    @gabeolson-jensen8676 Місяць тому

    Super helpful man.

  • @StubbsMillingCo.
    @StubbsMillingCo. 6 місяців тому +1

    Any income produced at or over $600 needs to be applied to the Schedule F or have the 3 year criteria.

  • @143aquafina
    @143aquafina Рік тому +1

    Thank you for the video ☺️

  • @barm9687
    @barm9687 2 роки тому +3

    So the other big thing maybe to mention is there are age limits to the Young farmers loan. It is basically 32 yrs old due to the 3 years of prior experience in AG.

    • @LHFarmsTN
      @LHFarmsTN  2 роки тому +1

      That's a great point! I should've mentioned that

    • @CannedGoodzComedy
      @CannedGoodzComedy 7 місяців тому

      Under 32?! I just missed it. (33)

    • @josephasbury6394
      @josephasbury6394 6 місяців тому

      You can't be over 32 or you have to be atleast 32?

  • @annacaskey
    @annacaskey Рік тому +1

    Hi! Thank you for this. How long did it take you to close using the beginner farmer loan?

    • @LHFarmsTN
      @LHFarmsTN  Рік тому +1

      Thanks for watching! Most of my FSA loans took 90 days to close but I had one that took 120 days. Government is slow!

  • @farmwizzard9727
    @farmwizzard9727 Рік тому +1

    So there’s a age limit to this loan? I’ve almost got my 3 years of farm experience. Would you happen to know what the age limit is?

    • @LHFarmsTN
      @LHFarmsTN  Рік тому

      Thanks for watching! I can't remember to be certain but I was thinking it was 45? You just need to check with your local FSA and see.

  • @GuilGrey
    @GuilGrey 9 місяців тому

    What if starting from complete scratch, but have lifelong experience with farming and agriculture?

    • @LHFarmsTN
      @LHFarmsTN  9 місяців тому

      Starting from nothing is pretty much the point of this loan. You just have to meet their requirements of the 3 years in agriculture.

  • @ProjectZip-Ty
    @ProjectZip-Ty 10 місяців тому

    My wife has well over 3 years of farming experience but I do not. Will that work for the 3 years of farming experience? Or do we both need 3 years?

    • @LHFarmsTN
      @LHFarmsTN  10 місяців тому

      I would encourage you to find out if both of you can file separately for it. You may not be able to being that it's your spouse but you'd be able to get more funding if you don't file together. If you try and file you're going to have to have 3 years experience unless you put it in your wife's name.

  • @kikicantu5934
    @kikicantu5934 Рік тому

    Does this also apply to someone looking to expand or build on there current farm? How do I make sure my property qualifies as a farm?

    • @LHFarmsTN
      @LHFarmsTN  Рік тому +1

      Yes! Ultimately you just need to talk to the agent up there at your local office. The easiest way to qualify is if you have filed a schedule F tax return for 3 years.

  • @kylecollings6376
    @kylecollings6376 6 місяців тому

    So does work experience at a cooperative count for the 3 year's qualification

  • @coreyzant4000
    @coreyzant4000 Рік тому

    do you start this process before identifying a farm to buy? sort of like a pre-approval?

    • @LHFarmsTN
      @LHFarmsTN  Рік тому

      If I remember right yes, I had gotten approved first then found the land.

  • @BigHuntorr
    @BigHuntorr Рік тому

    I have been helping my grandfather farm for over 3 years. But I have not filed schedule F can I qualify for a loan to buy a farm? How can I prove I have worked on a Farm for 3+ years?

    • @LHFarmsTN
      @LHFarmsTN  Рік тому

      The best guidance I can give is go talk to your local FSA agent. Some will work with you, and may let your grandpa sign off verifying that you have been involved in the operation for several years. Some agents will not do that but it's worth a shot.

  • @Pudget1111
    @Pudget1111 Рік тому

    Define farm experience… does landscaping fit in this category?

    • @LHFarmsTN
      @LHFarmsTN  Рік тому

      I really can't say for sure. I would think no but that's something to ask your local FSA agent

  • @garettwatson8468
    @garettwatson8468 10 місяців тому

    Can you do a cash out refinance on the FSA loan?

    • @LHFarmsTN
      @LHFarmsTN  8 місяців тому

      I am not real sure.

  • @petercampobasso7419
    @petercampobasso7419 Рік тому

    If I had a agricultural degree, would I need the 3 year experience that’s required. And would college make it easier to get the loan?

    • @LHFarmsTN
      @LHFarmsTN  Рік тому +1

      To my knowledge it doesn't matter if you have a degree or not. I'm not pro College honestly. So I'd say no. I think the time you'd spend at college could be spent learning to farm working on one.

    • @breyp6982
      @breyp6982 Рік тому

      You need to have three years of farming history. The college experience doesn’t really matter, just need three years of background with them. Also it has to be under an entity or sole. My first micro loan did not count towards my years either so that’s another thing.

    • @nevinkuser9892
      @nevinkuser9892 5 місяців тому

      Education in agriculture shaves a year off the requirement.

  • @matthewvonnahme4235
    @matthewvonnahme4235 5 місяців тому

    Hearing under $300,000 for 81 acres as a guy from Iowa is almost enough to make me cry lol

    • @LHFarmsTN
      @LHFarmsTN  5 місяців тому +1

      Well if it makes you feel any better just since I made this video our land prices have gotten stupid. Not as bad as Iowa but land that used to go for say $3k is now about $5-7k/ac. Just since I made this video

    • @matthewvonnahme4235
      @matthewvonnahme4235 5 місяців тому +1

      @@LHFarmsTN I guess it makes sense. Land is one of those things that they aren’t making any more of. I need to get in touch with my FSA agent and see how the excess over 600,000 is covered.