greybeard
Herd Master
you can change that.
Promise Acre: Our Journey
- Thread starter promiseacres
- Start date
Wehner Homestead
Herd Master
Farm service agency requires three years of farming records prior to the farm loan. At least start keeping records as such so that you’ve started that process.
Wehner Homestead
Herd Master
Farm service agency requires three years of farming records prior to the farm loan. At least start keeping records as such so that you’ve started that process.
- Thread starter
- #1,214
promiseacres
Herd Master
kind seems to defeat the purpose to help someone "start" farming for real if they have to do it for 3 years prior on their own.... oh and horses aren't livestock. doesn't matter. I think we found a solution for us. And once we're making hay an hopefully selling some, yes.. we can be "real" farmers...
@Minihorses I think you said have Mom cosign.. well as we found out yesterday she has too high of debt to income ratio to be much "help" on the loan. Though she's going to be paying the 2nd mortgage just it's in our name. She's planning on working more (hopefully that works out) Should just be a short time that we have the 2 if all goes thru with auctioning her current property off. Just scary to think of the what ifs.
Bruce
Herd Master
Kinda like here. If you are farming, and that means selling minimally $1K of "product" per year, you can skip sales tax on all equipment related to the operation. But how do you get started when the price of everything is "inflated" by 6%? By the time you are selling "product" you've already bought all the expensive equipment and paid tax on it. Can't get that back.
Will Mom have cash once her house sells? That would help the D/I ratio.
Will Mom have cash once her house sells? That would help the D/I ratio.
- Thread starter
- #1,216
promiseacres
Herd Master
YES! that's the plan.
Wehner Homestead
Herd Master
We did the three years by having cows at his parents and my grandparents and growing our herd. They also counted some of his experience with crop farming for his uncle. The money/records were based on our cows and what we had done with them but to prove that we had diverse experience, they used the crop farming. Had to write an extensive letter to include with the request.
- Thread starter
- #1,218
promiseacres
Herd Master
So.... the amendment/exetension was approved. Now we have until Oct 15 to get our financing 100% finalized which does require an appraisal of which the house needs to be worth at least 50% . But it's in our hands again. I think I need to find a pt job... I think. IDK, maybe I can give some riding lessons, make some baked goods, or ?? 
RollingAcres
Herd Master
Slightly good news so you have a little time to get financing taken care of!
CntryBoy777
Herd Master
.....I, for one, think your fire is pretty "crowded" now....with all the irons jabbed into it....how ya gonna "fit" anymore in?.....
