If you live in a rural area of North Texas, you can finance your home, farm or ranch purchase with USDA loans near Plano TX. The United States Department of Agriculture not only provides funding for purchasing or establishing homes and farms, it also provides loans for home renovation and improvement as well as farm or ranch improvement, expansion, transition and strengthening. This means that the USDA can help homeowners, farmers or ranchers who are just starting out or who are already established.
If you are a farmer or rancher, the USDA’s Farm Service Agency (FSA) can offer you a loan or subsidize a loan for you if you are unable to secure a loan elsewhere and if you can answer yes to any of the following questions:
▪ Do you want to buy or lease a farm or ranch?
▪ Do you need to buy equipment for an already established farm like irrigation pipes, a greenhouse, a tractor or livestock?
▪ Do you already own farm or ranch land and want to expand your business?
▪ Has your farm or ranch suffered a natural disaster like a drought, flood or large storm that destroyed crops or damaged buildings or equipment?
FSA loan programs are:
Guaranteed Loan Program – Guaranteed loans are made and serviced by commercial lenders like banks, credit unions and the Farm Credit System. They are guaranteed against loss by the FSA up to 95 percent. The FSA approves the loan guarantees and provides oversight.
Direct Loan Program – These loans are made and serviced by the FSA with federal government money. In addition to providing the loan, the FSA has the added responsibilities of providing the borrowers with credit counseling and helping them to evaluate the adequacy of their real estate, facilities, machinery and equipment, financial and production management and goals.
Land Contract Guarantee Program – Land contract guarantees are available to farm or ranch owners who want to sell real estate through a land contract to a farmer or rancher who is either disadvantaged or just starting out.
Unlike loans from commercial lenders, USDA loans near Plano TX that you get through the FSA are temporary in nature. The FSA’s goal is to help you until you can graduate to a commercial loan.
The world of USDA loans near Plano TX is a complicated one. That’s why it’s important that you get the help of a professional. If you are interested in a USDA loan and you feel you may qualify, call Summit Funding at (972) 864-3530 or visit http://joy-team.com .
USDA Loans Plano TX
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