As founded because of the Starting Farmer definition, loan candidates thinking about the advance payment loan might not possess a lot more than 30 % associated with average size farm during the time of the application. The applicant might meet or exceed the 30 % following the loan is closed. The absolute most Census that is current of information is utilized in this calculation.
The utmost loan quantity for a “regular” Direct Farm Ownership loan is $600,000. The utmost loan quantity for a Joint Financing or Participation Farm Ownership loan is $600,000.
Direct Farm Ownership advance payment maximum loan amount works differently. The utmost loan quantity under this loan system shall maybe perhaps maybe not go beyond 45 per cent of whichever may be the reduced number of:
- The acquisition cost;
- The appraised worth of the farm being bought; or
The total amount of this price perhaps maybe perhaps not included in the payment that is down and applicant down re re re payment can be financed by way of a commercial, cooperative, or personal loan provider, such as the vendor.