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#6486518 - 10/08/16 12:55 PM what kind of terms for a loan are out there?
longgunner Offline
Woodsman

Registered: 04/18/10
Posts: 128
I'm looking at buying a dryland cotton farm in west texas as an investment property. For the numbers to work, I need 30 year financing at 4.5%. Is anybody offering this? If not, what is the going rates right now?

Thanks.

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#6486869 - 10/08/16 05:24 PM Re: what kind of terms for a loan are out there? [Re: longgunner]
blazin Online   content
Pro Tracker

Registered: 10/25/11
Posts: 1889
Loc: Texas
Originally Posted By: longgunner
I'm looking at buying a dryland cotton farm in west texas as an investment property. For the numbers to work, I need 30 year financing at 4.5%. Is anybody offering this? If not, what is the going rates right now?

Thanks.


Pretty sure that's based on your credit worthiness, downpayment and probably other factors.
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#6487030 - 10/08/16 07:32 PM Re: what kind of terms for a loan are out there? [Re: longgunner]
jdickey Offline
Extreme Tracker

Registered: 01/10/07
Posts: 3649
Loc: Waco, Texas
Check Texas Farm Credit! They show a loan calculator @ 4.25% on a 15 year amortization. But rates are always base on credit, term, and down payment

https://www.texasfcs.com/
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#6487311 - 10/08/16 10:57 PM Re: what kind of terms for a loan are out there? [Re: longgunner]
AvianQuest Offline
Light Foot

Registered: 11/15/14
Posts: 46
Loc: Cypress, Texas
Also Capital Farm Credit...

https://www.capitalfarmcredit.com/

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#6487459 - 10/09/16 07:46 AM Re: what kind of terms for a loan are out there? [Re: longgunner]
txtrophy85 Offline
THF Celebrity

Registered: 08/12/05
Posts: 22039
Rates right now, depending on the term length are around 4.5% and can fluctuate about a point northwards

Might be different since it's a farm but I know capital farm credit usually won't do over a 20 year note
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Originally Posted By: Nogalus Prairie
I think the deer hunting shows and "Bro' Country" are going to be the downfall of this once-great nation.

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#6487592 - 10/09/16 10:10 AM Re: what kind of terms for a loan are out there? [Re: longgunner]
John Humbert Offline
Pro Tracker

Registered: 12/13/10
Posts: 1631
I think terms you are lookinv for would be tough to achieve unless you are putting a sizeable percentage as a down payment. Especially for land / rural property.

I know the last financing I arranged for land was around 5.2%, and that was for 20yrs putting 25% down with FICO scores of 838 and 841. This was just last year.

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#6487740 - 10/09/16 12:29 PM Re: what kind of terms for a loan are out there? [Re: longgunner]
MikeOH Offline
Light Foot

Registered: 09/01/16
Posts: 27
Loc: Lucas TX
I talked to a lender about two weeks ago and with an 800+ fico and 20% down rates were about 5.25% for 20 years...in line with the post above. You just don't know till you talk to a few lenders

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#6487961 - 10/09/16 04:04 PM Re: what kind of terms for a loan are out there? [Re: longgunner]
pervis Offline
Tracker

Registered: 09/26/14
Posts: 558
I got 5% w 20percent down. Thru capital Farm credit, but that was 2 yrs ago

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#6487963 - 10/09/16 04:05 PM Re: what kind of terms for a loan are out there? [Re: longgunner]
pervis Offline
Tracker

Registered: 09/26/14
Posts: 558
I also did a 15 yr though

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#6488180 - 10/09/16 06:40 PM Re: what kind of terms for a loan are out there? [Re: MikeOH]
txtrophy85 Offline
THF Celebrity

Registered: 08/12/05
Posts: 22039
Originally Posted By: MikeOH
I talked to a lender about two weeks ago and with an 800+ fico and 20% down rates were about 5.25% for 20 years...in line with the post above. You just don't know till you talk to a few lenders


Remember that capital farm pays a dividend (patronage) to their borrowers that equals about a point.
_________________________
Originally Posted By: Nogalus Prairie
I think the deer hunting shows and "Bro' Country" are going to be the downfall of this once-great nation.

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#6488964 - 10/10/16 09:49 AM Re: what kind of terms for a loan are out there? [Re: longgunner]
DocHorton Online   content
Veteran Tracker

Registered: 12/06/10
Posts: 3433
Loc: DFW
I bought a place in March. I put 20% down and got 4.25% fixed for 7 years on a 15 year amortization. I have a strong relationship with my lender which helped me get a lower rate. I used a regional commercial bank.

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#6489252 - 10/10/16 01:38 PM Re: what kind of terms for a loan are out there? [Re: longgunner]
MikeOH Offline
Light Foot

Registered: 09/01/16
Posts: 27
Loc: Lucas TX
Txtrophy85 - good point. The lender dis say the dividend was worth about a point reduction

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#6489331 - 10/10/16 02:23 PM Re: what kind of terms for a loan are out there? [Re: longgunner]
Dalroo Online   content
Woodsman

Registered: 08/03/16
Posts: 112
Loc: The Heart of Texas
Echo on the Patronage programs. It is based on profitability of the lender, but some may pay you the equivalent of a month or more mortgage payment, so if you are paying for instance $1,000 per month, the patronage payment in this case would be $1,500 or so. And again, varies by lender and by year.

I think most pay it like a dividend check, and in my opinion, worth just rolling it back toward capital, or maybe using it for some improvement. Either way, it does in affect discount a marginally higher interest rate.

If you happen to be in central Texas, I can not say enough good about Marcus Amthor at Central Texas Farm Credit. He was incredibly helpful!


Edited by Dalroo (10/10/16 02:27 PM)
Edit Reason: clarity
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#6491432 - 10/11/16 08:20 PM Re: what kind of terms for a loan are out there? [Re: txtrophy85]
sparrish8 Online   content
Pro Tracker

Registered: 01/13/13
Posts: 1197
Originally Posted By: txtrophy85
Originally Posted By: MikeOH
I talked to a lender about two weeks ago and with an 800+ fico and 20% down rates were about 5.25% for 20 years...in line with the post above. You just don't know till you talk to a few lenders


Remember that capital farm pays a dividend (patronage) to their borrowers that equals about a point.



Yea. But they make you pay like and extra $1000 into it and then if you pay it off you have to wait a few years to get it back is how it was explained to me. Their closing costs were very high, if I wanted to buy their stock I would go buy it. I have a loan through them and Peoples state bank in Rocksprings and I had a much better exp. Through peoples bank.

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#6492225 - 10/12/16 11:10 AM Re: what kind of terms for a loan are out there? [Re: longgunner]
jsplinter Offline
Tracker

Registered: 05/11/10
Posts: 794
Loc: Copperas Cove
I used Texas veterans land board. You won't get the interest rate you want but you can get 30 years and 5% down
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