How to Go About Buying Farmland
There are several resources available to individuals interested in purchasing farmland. To help find the best resources for your needs, consider important factors such as where the farm will be located, the amount of land needed to run a successful farm and the purchase price of the land. Once you have have narrowed down your specific farmland needs, you can begin reviewing your purchasing options. Some mortgage lenders specialize in providing agricultural loans for borrowers interested in purchasing farmland. However, the best resource for purchasing farmland may be to use a loan program offered by the United States Department of Agriculture. The USDA's Farm Service Agency provides financing to family-sized farmers and ranchers. Most importantly, these farmland loans can be used to construct buildings and purchase land, livestock, equipment, feed, seed and supplies.
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Instructions
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Instructions
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Determine your specific farmland needs. You should consider where the farm will be located, how many acres are needed, what type of farm you will run and your purchase price range.
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Review the USDA Farm Service Agency fact sheet for detailed information about farm loan purchasing programs offered by the government (see References). This will provide information about program guidelines, loan requirements and the application process.
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Find farmland that meets the needs you have determined. Collect all available information about the farm, such as the purchase price, acreage, the seller's contact information and the location.
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Contact the Farm Service Agency. You will be given the location of the FSA office in your area to begin the application process or you can search for it on the USDA website (see Resources).
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Tips & Warnings
The USDA Farm Service Agency offers special loan programs for socially disadvantaged farmers and beginning farmers. There is also down payment assistance available for qualified borrowers. Ask about these special loan features when you begin your application.
References
Resources
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