2019 fall farm

2019 Logan County Farm Outlook Magazine Lincoln Daily News Nov. 1, 2019 Page 43 refinance some farm-related debts, excluding real estate. Direct farm ownership loans can be used to purchase farmland, enlarge an existing farm, construct and repair buildings, and to make farm improvements. The maximum loan amount for direct farm ownership loans is $600,000 and the maximum loan amount for direct operating loans is $400,000 and a down payment is not required. Repayment terms vary depending on the type of loan, collateral and the producer’s ability to repay the loan. Operating loans are normally repaid within seven years and farm ownership loans are not to exceed 40 years. Please contact your local FSA office for more information or to apply for a direct farm ownership or operating loan. Maintaining Good Credit History Farm Service Agency (FSA) Farm Loan programs require that applicants have a satisfactory credit history. A credit report is requested for all FSA direct farm loan applicants. These reports are reviewed to verify outstanding debts, if bills are paid timely and to determine the impact on cash flow. Information found on a customer’s credit report is strictly confidential and is used only as an aid in conducting FSA business. Our farm loan staff will discuss options with you if you have an unfavorable credit report and will provide a copy of your report. If you dispute the accuracy of the information on the credit report, it is up to you to contact the issuing credit report company to resolve any errors or inaccuracies. There are multiple ways to remedy an unfavorable credit score. Make sure to pay bills on time. Setting up automatic payments or automated reminders can be an effective way to remember payment due dates. Pay down existing debt. Continue 8 October Interest Rates and Important Dates