Farm Credit or USDA type mortgages

Member since 05 April 2019

EmtgatesNew member16 April 2019 16:36:16

I am seeking to relocate in the next 2 yrs to the South or West in PR. My plan is to start or buy a farm. Are there farm credits or USDA type mortgages available? Any advice is welcomed.

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sandrarduncan Serial expat

Member since 13 September 2015

sandrarduncanSerial expat16 April 2019 17:43:24

487

Good luck getting usda type of help here on the island. They alway claim they help but dont know of any farmer who has received anything

ReyP ViP

Member since 09 May 2015

ReyPViP16 April 2019 18:00:03

5509

Emtgates wrote:
I am seeking to relocate in the next 2 yrs to the South or West in PR. My plan is to start or buy a farm. Are there farm credits or USDA type mortgages available? Any advice is welcomed.

https://www.rd.usda.gov/pr

I have heard that a lot of banks will not handle regular mortgages over a specifc acreage. I believe that was no more than 3 or 5, dont recall. The other options is the USDA as above.

Since PR is covered by most federal programs and laws, I see no issue but read the link. As to Farm credits, that would only have to deal with your federal taxes, check with a tax lawyer on that, but I do not think it will help much since as a local farm you would be filing PR taxes and not federal taxes. But I could be wrong, Talk with USDA and also talk to a Tax lawyer.
PS. Federal (IRS) taxes and PR taxes are exclusionary as they are both National type taxes, they give credit to each other for taxes payed. Since the Farm would be a business inside of PR that produces losses and income to you as a PR resident you would be doing PR taxes. If forced to also do Federal, then you take credit for the PR taxes on the Federal. See PR tax lawyer.