Program transfers farmland to next generation
Vance-Warren County USDA Farm Service Agency is reminding everyone that Vance-Warren County landowners considering transferring farm real estate to the next generation of farmers and producers may do so through the Land Contract Guarantee Program.
For landowners willing to sell their land to beginning or socially disadvantaged farmers or producers, this program provides a new approach. It lowers the risk by a seller if the buyer defaults on the payments. Buyers must: make a minimum down payment of five percent of the purchase price, work up plans for farm operations, and demonstrate the ability to stay current with payments.
There are two options with this program: 1) a guarantee of up to three annual installment payments on the contract; and 2) a guarantee for 90 percent of the unpaid principal of the contract. Either option can be used to finance the purchase of a farm with a purchase price upward of $500,000 on a new land contract.
Eligible producers can secure credit through farm service agency credit programs when other forms of credit are not feasible or do not fulfill their needs.
More information concerning the Land Contract Guarantee Program may be obtained by visiting the Vance-Warren County Farm Service Agency Office at 853 S. Beckford Dr., Suite B, Henderson, NC 27536 or (252) 438-3134, ext.2.