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Max Online: 16728 @ 03/25/12 08:51 AM
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#6144302 - 01/19/16 09:49 PM Buying land with less than 20% down?
Texas buckeye Offline
Veteran Tracker

Registered: 11/22/11
Posts: 2963
Loc: Keller
Have the means to make monthly payments but at this point can't make a down payment without it killing the savings acct....any way out there to buy land with less than 20% down?

Every time I have talked to the farm credit folks they always tell me the 20% down is standard and rarely departed from for first time buyers....

Any help is appreciated!!

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#6144342 - 01/19/16 10:28 PM Re: Buying land with less than 20% down? [Re: Texas buckeye]
Ramsey Offline
Pepe' Le Pew

Registered: 12/12/11
Posts: 10478
Loc: Grayson County
Are you a vet? How much land?? It will be easier if there is a house on the land.
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#6144346 - 01/19/16 10:30 PM Re: Buying land with less than 20% down? [Re: Texas buckeye]
JTS Offline
Bird Dog

Registered: 12/06/12
Posts: 315
Loc: Wichita Co.
If the land appraises for quite a bit above the sales price they may reduce the down payment to 10%. That is the least I have heard of.

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#6145117 - 01/20/16 01:31 PM Re: Buying land with less than 20% down? [Re: Texas buckeye]
Rustler Offline
Veteran Tracker

Registered: 03/01/07
Posts: 3211
Loc: Carrollton/ Young, Blanco coun...
I definitely would not rule out local banks, sure worth checking into in my experiance.

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#6145206 - 01/20/16 02:31 PM Re: Buying land with less than 20% down? [Re: Rustler]
DQ Kid Offline
Extreme Tracker

Registered: 02/20/12
Posts: 4075
Loc: Flower Mound, TX
Originally Posted By: Rustler
I definitely would not rule out local banks, sure worth checking into in my experiance.


Rustler, for land loan default purposes requiring quick sales?

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#6145229 - 01/20/16 02:41 PM Re: Buying land with less than 20% down? [Re: DQ Kid]
Rustler Offline
Veteran Tracker

Registered: 03/01/07
Posts: 3211
Loc: Carrollton/ Young, Blanco coun...
Originally Posted By: DQ Kid
Originally Posted By: Rustler
I definitely would not rule out local banks, sure worth checking into in my experiance.


Rustler, for land loan default purposes requiring quick sales?


If I understand your question correctly, no, for financing land purchase.

It is a rare event when semi decent land isn't bought by a local before it ever reaches the court house steps auction or for a bank dumping defaults.

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#6145234 - 01/20/16 02:45 PM Re: Buying land with less than 20% down? [Re: Texas buckeye]
jsplinter Offline
Tracker

Registered: 05/11/10
Posts: 794
Loc: Copperas Cove
If you are a vet you can use Texas Veterans land Board. They require 5% down with land loans up to $125,000. That's who I am using right now. Also if anyone is in the Kempner area they have a 14 acre plot of land up for auction right next to the one I'm buying.
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#6145240 - 01/20/16 02:49 PM Re: Buying land with less than 20% down? [Re: Rustler]
newulmboy Offline
Tracker

Registered: 03/20/12
Posts: 808
Loc: New Ulm, TX
Originally Posted By: Rustler
I definitely would not rule out local banks, sure worth checking into in my experiance.


I used a local bank about 4 years ago when I purchased my place. They wanted 15% down. Only kicker was interest rate was about 1% or so higher.

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#6145303 - 01/20/16 03:39 PM Re: Buying land with less than 20% down? [Re: Texas buckeye]
sparrish8 Offline
Pro Tracker

Registered: 01/13/13
Posts: 1197
20% down is standard but think about it why keep $ in your savings rather than put it in land? You will make no to little interest where your land will gain much more value every year its a much better investment. Obviously you need some emergency $ but you never here anyone one say "darn i wish i wouldnt have bought that land".

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#6145327 - 01/20/16 03:51 PM Re: Buying land with less than 20% down? [Re: sparrish8]
Chris42 Online   content
Tracker

Registered: 11/22/11
Posts: 886
Originally Posted By: sparrish8
20% down is standard but think about it why keep $ in your savings rather than put it in land? You will make no to little interest where your land will gain much more value every year its a much better investment. Obviously you need some emergency $ but you never here anyone one say "darn i wish i wouldnt have bought that land".


I disagree. Plenty of people can get themselves in trouble by buying property. Especially if they leverage themselves and are cash poor. (Which is kind of what the OP is sounding like).

What is the land? Hunting land? Gonna build a house someday? Today?

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#6145348 - 01/20/16 04:08 PM Re: Buying land with less than 20% down? [Re: Chris42]
Texas buckeye Offline
Veteran Tracker

Registered: 11/22/11
Posts: 2963
Loc: Keller
Originally Posted By: Chris42
Originally Posted By: sparrish8
20% down is standard but think about it why keep $ in your savings rather than put it in land? You will make no to little interest where your land will gain much more value every year its a much better investment. Obviously you need some emergency $ but you never here anyone one say "darn i wish i wouldnt have bought that land".


I disagree. Plenty of people can get themselves in trouble by buying property. Especially if they leverage themselves and are cash poor. (Which is kind of what the OP is sounding like).

What is the land? Hunting land? Gonna build a house someday? Today?


I agree that depleting my savings is not a wise investment. Being a small business owner that could cripple me if something happens and the business needs something. I need to have a safety net, and I don't want or have any desire to take that away, despite my desire to have a place to call my own (and my son's greater desire).

Ideally, would be looking at raw land or something with a cheap cabin or manufactured home on it we could live in temporarily and then ultimately build a nice small cabin to live in as we get a little older. Something with a nice house on it doesn't interest me at all since most houses are someone else's style and not the wifes, and are built to meet their needs and not ours. Plus, those really jack prices up. Seems raw land is the way to go. But, sounds like I need a couple more years to build up the savings before I can afford the down payment for what I am looking for...nobody said patience is easy right?

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#6145434 - 01/20/16 04:50 PM Re: Buying land with less than 20% down? [Re: Texas buckeye]
Chris42 Online   content
Tracker

Registered: 11/22/11
Posts: 886
Sounds like a cool plan.

Good luck!

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#6146532 - 01/21/16 10:36 AM Re: Buying land with less than 20% down? [Re: Texas buckeye]
wtjim Offline
Tracker

Registered: 07/18/12
Posts: 513
Why not lease a nice place to get your hunting in as well as take a Client and write off lease expense at tax time? At least until you are set to buy....

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#6176442 - 02/09/16 04:27 PM Re: Buying land with less than 20% down? [Re: Texas buckeye]
TexasLandAgent Offline
Bird Dog

Registered: 04/27/11
Posts: 324
Loc: Texas Hill Country
Owner finance is a possible low money down option. But APR is going to be sky high and your term short. You can get into scenarios on an owner finance with 5-10% down in some counties.


Edited by TexasLandAgent (02/09/16 04:28 PM)

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#6177139 - 02/10/16 03:25 AM Re: Buying land with less than 20% down? [Re: Texas buckeye]
kry226 Online   content


Registered: 01/11/09
Posts: 4783
Loc: Germany
I agree, continue to save until you're ready.

But is there something you can sell? I sold my Harley to help with the down payment. I love being a landowner much more so than a biker. Something to think about.
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