Category Comet Loans

Young farmer loans: some understanding on the FCC

Day i had a conversation with my sister in-law the other. She actually is along the way of attempting to purchase a farm. The interesting component is that this woman is dealing with Farm Credit Canada(FCC) and it is looking to get the Young Farmer Loan.

Ordinarily, if you are buying a property you must place a down payment that is nothing new. More often than not the deposit is between 5-15%, which isn’t too harmful to a residence. The problem is a bit more interesting for new farmers.

Let’s say you wish to obtain a reasonably inexpensive farm that is $500,000. Evidently, should you want to obtain a farm through FCC they request a 25per cent deposit. Just a little of mathematics here. 500,000*0.25= $125,000.

Really?

My sister-in-law is in a fairly good situation, but she will not in the slightest have actually that types of money around. I mean, “who has that types of money”?

It really is a serious chunk of modification. If you should be a new farmer, saving up that much cash isn’t effortless regardless of how you appear at it.

Whenever she told the individual that she didn’t have that variety of deposit, the individual shared with her can’t she get it from someplace else?

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