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FmHA relies on buydown plan to meet spring loan demand
The Farmers Home Administration counts on an interest buydown under the 1985 farm bill to ease loan demands from struggling farmers this spring. About 1.5 billion in direct loans and 1.66 billion in guarantees were allocated this year, but funds are running short. The program lowers borrower rates by up to 4 percentage points with FmHA paying half a bank's loss, aiming to spur over 5.5 billion in guaranteed lending. Prospective borrowers must lack other reasonable loan options, show income to cover payments, and benefit from reduced rates.
MENTIONED IN THIS ARTICLE
Washington
Farmers Home Administration
Congress
Fmha
Marilyn Aycock
Office of Management and Budget
Aycock