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FHA Program
Announced
Rappahannock County was declared eligible for Farmers Home Administration (FmHA) disaster emergency loans on November 18. Generally, that means fanners who have lost at least 30 percent production due to drought are eligible to apply for FmHA loans. Proceeds from crop insurance and the Payment-InKind (PIK) program are taken into consideration when determining eligibility.
Additional eligibility requirements are the inability to obtain credit from commercial lenders, security to cover the loan request and repayment ability for the loan.
The loan amount is based on 80 percent of the applicant’s actual losses or the amount needed to continue in business. The maximum loan amount is $500,000. The interest rate is 5 percent on up to $100,000 and 8 percent on the balance.
The last day for accepting applications is May 18, 1984.
For further information contact FmHA at 825-4200.
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