Ohio: Charter Member - COTH Hockey Clique & COTH Buffy Clique
any info on working with Farm Credit Services?
We're looking at moving next spring. The current house is WAY too small for us and we're hoping to get a small farm.... something we can have chickens, rabbits, a goat or mini jersey cow and a few horses on... maybe even do some boarding. Anyway, I've already talked to the 1 bank and 1 credit union I work with and neither will finance anythign remotely like what we want. The bank has an acreage limit (either 2 or 5 I can't remember offhand) and the credit union, while no acreage limit, has a zoning/use limit -- no agricultural stuff. The credit union suggested Farm Credit Services. I've looked at their website for this area (FCS Mid-America) and it looks good, but was wondering if anyone had any dealing with them or specific information good or bad. They have 2 offices in the area, both within 45 minutes so we're thinking about making an appointment and just going to talk to them... say "this is what we woudl like to do... how can we make it happen" and see what they say. I dunno... but any additional information or anecdotes would be greatly appreciated.
"Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."
"Get up... Get out... Get Drunk. Repeat as needed." -- Spike
I was introduced to my Farm Credit guy through a neighbor that uses them for all kinds of financing. I don't know if it was the personal introduction or not, but FC has been absolutely wonderful to deal with.
I had some problems buying my current farm- in the process the owner died and his brother took over dealings and was a royal butt-head. The closing took longer than expected because FC had to be sure everything was in order with the estate- totally understandable to everyone but the brother. Anyway, brother had a fit threatening to not sell to me. FC guy called him and settled him down (my neighbor helped, too) and I was able to buy this place. Farm Credit also didn't require a survey- which would caused a long delay and sent the brother over the top.
Another really cool thing about Farm Credit is that if interest rates drop enough, they'll send you a letter and paperwork to refinance. It's not truly re-financing, but they drop the rates (term remains the same) for a small fee. In my case the fee was a couple hundred dollars.
My current farm is financed through Washington Mutual. But a previous farm was financed through Farm Credit.
I jointly owned the farm with my then boyfriend, and both names were on the mortgage and the deed. When we split up they took my name off both the deed and the mortgage with no hassle at all.
When I later tried to do the same thing with a farm my sister and I jointly owned (financed through a "regular" bank) it was a major hassle, and we almost had to refinance just to get her name off the mortgage.
chief feeder and mucker for Music, Spy, Belle and Tiara. Someone else is now feeding and mucking for Chief and Brain (both foxhunting now).
My farm is financed through FCS-MidAmerica, and they are absolutely lovely to deal with! I had all kinds of issues trying to go through regular bank when I bought my farm - and hit that anything over 5acres headache, too.
Like someone else mentioned, later I was able to convert my loan to even lower interest by paying a one time $300 fee, and saved myself hundreds/month. I didn't have to alert them - they contacted me. Great people!