Mortgage for a micro farm - Oregon (loan, unemployment benefits)

[Sanirimeka]

Hello,
I am looking to buy a property of 1 to 2 acres to use as a micro farm in Oregon.
Will I be able to find a mortgage for farm use property for 80-100K ?

Operating this property (agricultural business) will be my main objective (start up micro farm)

I am unemployed right now but do have assets


What are my chance for a 80-100k mortgage? That will be after paying 30 to 40% down payment.
(Total property price: 160000. 60k down payment + 100K mortgage)

Thanks for your help.

[pdxMIKEpdx]

My first answer is yes, you can probably find what you want somewhere in Oregon.
But without some specifics, you won't be getting any useful answers.

So, let's start.
First, do you have a particular area of Oregon in mind? It's not a small state.
Do you need a particular type of climate?
Do you require a dwelling and buildings on the property?
Utilities?
Do you need to be close to urban areas?

Help us to help you.

[Silverfall]

You can't get a loan on unemployment benefits since they are by definition temporary in nature. Do you have any other source of income that a lender could use for qualification? You still have to be able to make payments and meet debt to income ratios.

[Sanirimeka]

Thank you very much for the information. I really appreciate it.

[Larry Caldwell]

For that price, your "farm" better include streets, water, sewer and power. Maybe natural gas to the property line.

[Ellen Pitts]

Debt is the enemy of farming. It's hard enough to make a living as a farmer without debt. Add a mortgage into the equation and it's near impossible. If you have one-two acres why don't you start very small with something that has minimal cash outlay...growing herbs, mushrooms, or other specialty crops. Since you're not working you can do things, like watering, by hand instead of investing in expensive irrigation systems. Then once you've earned some income you can expand using your cash.

[alexxiz]

I was wondering about that... I heard it's very hard to survive, not to mention pay off mortgage/make profit on a small farming operation right now. Would have to have a good cash backup before plunging into the small farm thing, I was thinking about a small farm myself.