Maine Harvest Federal Credit Union Offers to Pay Closing Costs on Farmland Sales or Refinancing
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Financing Your Farm: Guidance for Beginning Farmers
Maine Harvest Federal Credit Union (MHFCU) has announced a new program that pays closing costs for purchasing or refinancing farmland in Maine. The Conservation Grant Program will enable potential borrowers to take advantage of historically low interest rates by reimbursing borrowers up to $3,500 in closing costs, per loan. “Closing costs on farm loans are high, and often make it financially difficult to refinance, even at lower rates,” says Scott Budde, CEO and co-founder of MHFCU. Budde hopes this grant will incentivize farmers looking to buy land, expand acreage, or reduce monthly mortgage costs. To qualify, borrowers will need to have a land analysis performed by the Maine Organic Farmers and Gardeners Association, to evaluate conservation practices that could be implemented to improve soil, water, and environmental quality.