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Question about buying land
#4091921
03/01/13 03:53 PM
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Joined: Jul 2009
Posts: 666
chk
OP
Tracker
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OP
Tracker
Joined: Jul 2009
Posts: 666 |
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?
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Re: Question about buying land
[Re: chk]
#4091923
03/01/13 03:54 PM
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Joined: Jan 2012
Posts: 9,185
hook_n_line
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jan 2012
Posts: 9,185 |
Sometimes it's hard being me! But somebody has to do it.
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Re: Question about buying land
[Re: hook_n_line]
#4091936
03/01/13 04:00 PM
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Joined: Aug 2010
Posts: 60,296
stxranchman
Obie Juan Kenobi
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Obie Juan Kenobi
Joined: Aug 2010
Posts: 60,296 |
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.
Are idiots multiplying faster than normal people?
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Re: Question about buying land
[Re: hook_n_line]
#4091937
03/01/13 04:00 PM
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Joined: Jan 2012
Posts: 321
Greytshot
Bird Dog
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Bird Dog
Joined: Jan 2012
Posts: 321 |
That's bank financing. Owner financing can be a bit more creative. Maybe less down with higher interest rate usually.
GreytShot South Texas
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Re: Question about buying land
[Re: Greytshot]
#4091950
03/01/13 04:05 PM
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Joined: Jul 2009
Posts: 666
chk
OP
Tracker
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OP
Tracker
Joined: Jul 2009
Posts: 666 |
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Re: Question about buying land
[Re: Greytshot]
#4091951
03/01/13 04:05 PM
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Joined: Aug 2005
Posts: 31,897
txtrophy85
THF Celebrity
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THF Celebrity
Joined: Aug 2005
Posts: 31,897 |
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.
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Re: Question about buying land
[Re: chk]
#4091964
03/01/13 04:08 PM
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Joined: Aug 2005
Posts: 31,897
txtrophy85
THF Celebrity
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THF Celebrity
Joined: Aug 2005
Posts: 31,897 |
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.
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Re: Question about buying land
[Re: txtrophy85]
#4091965
03/01/13 04:08 PM
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Joined: Sep 2011
Posts: 28,032
Navasot
Hollywood
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Hollywood
Joined: Sep 2011
Posts: 28,032 |
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
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Re: Question about buying land
[Re: txtrophy85]
#4091969
03/01/13 04:10 PM
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Joined: Sep 2011
Posts: 28,032
Navasot
Hollywood
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Hollywood
Joined: Sep 2011
Posts: 28,032 |
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
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Re: Question about buying land
[Re: Navasot]
#4092010
03/01/13 04:20 PM
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Joined: Mar 2012
Posts: 823
newulmboy
Tracker
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Tracker
Joined: Mar 2012
Posts: 823 |
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.
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Re: Question about buying land
[Re: newulmboy]
#4092066
03/01/13 04:39 PM
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Joined: Sep 2011
Posts: 28,032
Navasot
Hollywood
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Hollywood
Joined: Sep 2011
Posts: 28,032 |
Iv got mine at a 5%fixed rate for 5 or 10yrs i think... prolly will shoot up after it runs out
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Re: Question about buying land
[Re: Navasot]
#4092326
03/01/13 06:36 PM
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Joined: Jan 2009
Posts: 8,719
cameron00
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jan 2009
Posts: 8,719 |
I buy everything in cash, but I'm very wealthy and drive only the finest vehicles.
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Re: Question about buying land
[Re: cameron00]
#4092329
03/01/13 06:37 PM
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Joined: Sep 2011
Posts: 28,032
Navasot
Hollywood
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Hollywood
Joined: Sep 2011
Posts: 28,032 |
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Re: Question about buying land
[Re: Navasot]
#4092397
03/01/13 07:05 PM
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Joined: Oct 2004
Posts: 39,533
redchevy
THF Celebrity
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THF Celebrity
Joined: Oct 2004
Posts: 39,533 |
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.
It's hell eatin em live
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Re: Question about buying land
[Re: redchevy]
#4092596
03/01/13 08:33 PM
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Joined: Sep 2007
Posts: 7,636
Nathan at Fork
THF Trophy Hunter
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THF Trophy Hunter
Joined: Sep 2007
Posts: 7,636 |
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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Joined: Feb 2009
Posts: 1,985
talkturkey
Pro Tracker
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Pro Tracker
Joined: Feb 2009
Posts: 1,985 |
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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