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Question about buying land #4091921 03/01/13 03:53 PM
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chk Offline OP
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Who did you use? Recommend?
Required % down?
What type of interest rate should I expect?

I have heard the norm is ~15-20% down is standard and the interest rates are 7-8% even with steller credit.

True?

Re: Question about buying land [Re: chk] #4091923 03/01/13 03:54 PM
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hook_n_line Offline
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Are you a veteran?


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Re: Question about buying land [Re: hook_n_line] #4091936 03/01/13 04:00 PM
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I went thru Capital Farm Credit. Late last spring rates were 4.8% more or less on 10 yr notes and 5.2% on 15 yr notes at the time on unimproved land. 20% down is the norm with most anyone. My bank was willing to go Prime + 2% on a 10 yr note if I put all my money in the bank with them with zero down at the same time. Capital Farm is hard to beat on land loans and easy to work with.


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Re: Question about buying land [Re: hook_n_line] #4091937 03/01/13 04:00 PM
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That's bank financing. Owner financing can be a bit more creative. Maybe less down with higher interest rate usually.


GreytShot
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Re: Question about buying land [Re: Greytshot] #4091950 03/01/13 04:05 PM
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chk Offline OP
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No not a veteran

Re: Question about buying land [Re: Greytshot] #4091951 03/01/13 04:05 PM
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Originally Posted By: Greytshot
That's bank financing. Owner financing can be a bit more creative. Maybe less down with higher interest rate usually.


not every owner will finance....and if they will its typically short term,5-7 years is about the max.


For it is not the quarry that we truly seek, but the adventure.
Re: Question about buying land [Re: chk] #4091964 03/01/13 04:08 PM
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Originally Posted By: chk
Who did you use? Recommend?
Required % down?
What type of interest rate should I expect?

I have heard the norm is ~15-20% down is standard and the interest rates are 7-8% even with steller credit.

True?


Capital Farm Credit is the lending agency I recommend.

typcially, expect to put 20% down. sometimes its 15% and sometimes its 30%, but 20% is standard. Depending on how they structure your loan terms and your credit, expect to see interest rates from about 4.25% to the mid 5%'s.


For it is not the quarry that we truly seek, but the adventure.
Re: Question about buying land [Re: txtrophy85] #4091965 03/01/13 04:08 PM
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Navasot Offline
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Originally Posted By: txtrophy85
Originally Posted By: Greytshot
That's bank financing. Owner financing can be a bit more creative. Maybe less down with higher interest rate usually.


not every owner will finance....and if they will its typically short term,5-7 years is about the max.


Can hardly find a LO that will self finance around here anymore.... i dnt blame them though... I went through a local bank

Re: Question about buying land [Re: txtrophy85] #4091969 03/01/13 04:10 PM
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Originally Posted By: txtrophy85
Originally Posted By: chk
Who did you use? Recommend?
Required % down?
What type of interest rate should I expect?

I have heard the norm is ~15-20% down is standard and the interest rates are 7-8% even with steller credit.

True?


Capital Farm Credit is the lending agency I recommend.

typcially, expect to put 20% down. sometimes its 15% and sometimes its 30%, but 20% is standard. Depending on how they structure your loan terms and your credit, expect to see interest rates from about 4.25% to the mid 5%'s.



anything over 10acres is 20% down....at least with who i went through

Re: Question about buying land [Re: Navasot] #4092010 03/01/13 04:20 PM
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My local bank did 6.1% 7yr/20yr with 15% down on raw land. If a house/cabin would have been present it would have only been 4.5%. This was with excellent credit.

Last edited by newulmboy; 03/01/13 04:21 PM.
Re: Question about buying land [Re: newulmboy] #4092066 03/01/13 04:39 PM
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Iv got mine at a 5%fixed rate for 5 or 10yrs i think... prolly will shoot up after it runs out

Re: Question about buying land [Re: Navasot] #4092326 03/01/13 06:36 PM
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I buy everything in cash, but I'm very wealthy and drive only the finest vehicles.

Re: Question about buying land [Re: cameron00] #4092329 03/01/13 06:37 PM
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ballla

Re: Question about buying land [Re: Navasot] #4092397 03/01/13 07:05 PM
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We financed ours through capital farm credit 20% down was required and we originaly financed it for 30 years. Rates went down and refied for 20 and the payment went down.


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Re: Question about buying land [Re: redchevy] #4092596 03/01/13 08:33 PM
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I used a local bank. They had to do an in house loan that they could not sell off. Had to put 20% down. Did a 30yr note on a 5/1 arm. Best deal I could get. Most of the big land lenders did not work in my county.


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Re: Question about buying land [Re: Nathan at Fork] #4092709 03/01/13 09:19 PM
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Capital farm credit, plus I think you're like a shareholder w/them (ie, if they making money, you get a check every year, which makes the bottom line interest rate lower than advertised)

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