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Buying land questions. #7266655 08/24/18 10:44 PM
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Im lookimg at purchasing 20 acres of land , who would I contact for a loan or what steps would I need to take to start the buying process. I have great credit and would like to buy a piece of property .


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Re: Buying land questions. [Re: DSST_Construction] #7266773 08/25/18 12:56 AM
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capital farm credit... Good credit and a small piece like this is a very simple process..Anything under 300k is a "simple loan" process.. Fill out app..they will pull your credit and give you a answer pretty quick...They will order the appraisal...

Re: Buying land questions. [Re: DSST_Construction] #7266852 08/25/18 02:18 AM
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Like above, Cap Farm Credit or we used Lone Star Ag and the dividend checks at the end of the year significantly reduced our effective interest rate.

Re: Buying land questions. [Re: DSST_Construction] #7266923 08/25/18 04:21 AM
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What the going rates for land? Any specific agencies to use that yall used befor?


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Re: Buying land questions. [Re: DSST_Construction] #7267648 08/26/18 02:48 AM
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Central Texas Farm Credit. Its a coop which means you'll receive dividends as long as the institution is doing well. Really boils down to lowering your interest rate. People I've dealt with at Central Texas Farm Credit have been excellent to work with. Figure on around 4-5% interest rates. https://www.centraltexasfarmcredit.com/

Re: Buying land questions. [Re: DSST_Construction] #7267859 08/26/18 02:46 PM
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We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion.


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Re: Buying land questions. [Re: HuntnFly67] #7268067 08/26/18 07:10 PM
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Originally Posted By: HuntnFly67
Like above, Cap Farm Credit or we used Lone Star Ag and the dividend checks at the end of the year significantly reduced our effective interest rate.

Have used Lone Star Ag twice. Both times simple. But you will need 20% down.


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Re: Buying land questions. [Re: TexasKC] #7268071 08/26/18 07:17 PM
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Originally Posted By: TexasKC
We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion.

I am very confused? I've never dealt with Capital Farm Credit, but with Lone Star Ag, twice. Both times when I paid off the loan I got one more Patronage check, but there is no money left in my account. I've never heard of anything like that.


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Re: Buying land questions. [Re: TexasKC] #7268083 08/26/18 07:41 PM
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Originally Posted By: TexasKC
We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion.

I used Capital Farm Credit for my land loan also. I got a patronage check in the mail in my second year and every year after that till I paid off the loan. I deposited that annual patronage check in my bank account and used it to make a land payment or even almost two some some years. But do not sure about anything left in an account.



Re: Buying land questions. [Re: Mr. T.] #7268178 08/26/18 09:53 PM
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Originally Posted By: Mr. T.
Originally Posted By: TexasKC
We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion.

I am very confused? I've never dealt with Capital Farm Credit, but with Lone Star Ag, twice. Both times when I paid off the loan I got one more Patronage check, but there is no money left in my account. I've never heard of anything like that.


That's the way it works. I spoke with them just last week and the lady told me that we will get a check this October "and many years to come". It's not a patronage check. She said it's a profit sharing check.


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Re: Buying land questions. [Re: DSST_Construction] #7269301 08/27/18 11:37 PM
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Usually a bank in the county you are purchasing the land will loan on it. Especially if it is a small town bank.

Re: Buying land questions. [Re: TexasKC] #7269321 08/27/18 11:48 PM
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Originally Posted By: TexasKC
Originally Posted By: Mr. T.
Originally Posted By: TexasKC
We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion.

I am very confused? I've never dealt with Capital Farm Credit, but with Lone Star Ag, twice. Both times when I paid off the loan I got one more Patronage check, but there is no money left in my account. I've never heard of anything like that.


That's the way it works. I spoke with them just last week and the lady told me that we will get a check this October "and many years to come". It's not a patronage check. She said it's a profit sharing check.

I guess they need to update their website then. I got my annual partonage check in late Feb or March IIRC.
https://www.capitalfarmcredit.com/aboutus/patronage



Re: Buying land questions. [Re: DSST_Construction] #7269528 08/28/18 02:40 AM
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What exactly Id a annual patronage check exactly?


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Re: Buying land questions. [Re: DSST_Construction] #7269614 08/28/18 03:59 AM
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Originally Posted By: DSST_Construction
What exactly Id a annual patronage check exactly?


Well with Central Texas Farm Credit it basically boils down to profit sharing in the coop. Your loan with them counts towards owning a piece of the company so to speak. If they are profitable the "shareholders/borrowers" receive a check. I've included a link to what was paid out for 2017 which was a record year for Central Texas Farm Credit. Although it was an actual payment it actually reduced the cost of your loan by 1.5%.
https://www.centraltexasfarmcredit.com/record-patronage-2017

Re: Buying land questions. [Re: huntwest] #7269632 08/28/18 04:30 AM
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Originally Posted By: huntwest
Usually a bank in the county you are purchasing the land will loan on it. Especially if it is a small town bank.
.. Yes but many will only do a balloon so they can change the interest rate after 5 years.. Also a bank will report to credit.. Land banks do not...

Re: Buying land questions. [Re: easton1025] #7269693 08/28/18 11:30 AM
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Originally Posted By: easton1025
Originally Posted By: huntwest
Usually a bank in the county you are purchasing the land will loan on it. Especially if it is a small town bank.
.. Yes but many will only do a balloon so they can change the interest rate after 5 years.. Also a bank will report to credit.. Land banks do not...


So your saying a land bank loan doesnt show up on a credit report? If so, why is that?

Re: Buying land questions. [Re: DSST_Construction] #7270008 08/28/18 03:50 PM
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I used Capital Farm Credit as well for our 25 acres. The lady that helped me was EXTREAMLY helpful in all aspects of the buying process as well as putting me in contact with everyone I needed to make our land into a great getaway.


Re: Buying land questions. [Re: DSST_Construction] #7271940 08/30/18 12:18 PM
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i have land notes at a normal bank, and another with capital farm. none of them show up on a credit report. they do not report it to the bureau from what I was told when I've asked

Re: Buying land questions. [Re: DSST_Construction] #7276983 09/05/18 02:41 AM
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* If a substantial part of the land is to be left "natural", apply for AG Exemption ASAP. Wildlife Exemption is another option, but I am told it takes 5 years to get that exemption. *You have to re-apply every year by the end of March, or you lose it.


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Re: Buying land questions. [Re: Wildphilhickup] #7277142 09/05/18 11:59 AM
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Originally Posted By: Wildphilhickup

* If a substantial part of the land is to be left "natural", apply for AG Exemption ASAP. Wildlife Exemption is another option, but I am told it takes 5 years to get that exemption. *You have to re-apply every year by the end of March, or you lose it.
If I remember correctly unless you already have an exemption on say another piece of property you have to wait to get either type of exemption.

Re: Buying land questions. [Re: DSST_Construction] #7277284 09/05/18 02:04 PM
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Property tax info directly from the source ---> Tx Comptroller

Re: Buying land questions. [Re: DSST_Construction] #7277402 09/05/18 03:34 PM
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Personally, I would not buy land that does not already have an AG or Timber exemption. Just my 2cents worth.


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Re: Buying land questions. [Re: woodduckhunter] #7277680 09/05/18 07:42 PM
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Originally Posted By: woodduckhunter
i have land notes at a normal bank, and another with capital farm. none of them show up on a credit report. they do not report it to the bureau from what I was told when I've asked
..well you are lucky.. Regular banks have to report loans to Feds...every small town bank I approached said they had to report even a balloon on land...Good for you not getting it reported..BUT on a side note you cant write off the interest....

Re: Buying land questions. [Re: 68rustbucket] #7277682 09/05/18 07:44 PM
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Originally Posted By: 68rustbucket
Originally Posted By: easton1025
Originally Posted By: huntwest
Usually a bank in the county you are purchasing the land will loan on it. Especially if it is a small town bank.
.. Yes but many will only do a balloon so they can change the interest rate after 5 years.. Also a bank will report to credit.. Land banks do not...


So your saying a land bank loan doesnt show up on a credit report? If so, why is that?
I dunno the reasons other than I like it... Now it does get reported to IRS so you can write off the interest...I think it may have something to do with ranchers and farmers not able to keep up with loans certain times of the year.. Could you imagine the farmers with bad credit???

Re: Buying land questions. [Re: DSST_Construction] #7280511 09/08/18 04:31 AM
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As stated, if it doesn't have Ag or Timber I wouldn't do it.

Taxes and FINALLY getting Ag aren't cheap.

Trust me, I know now.

5.5-6.5 are normal rates w excellent credit I believe in just raw land for 20 years.

10-20 percent down.

Last edited by procraft05; 09/08/18 04:32 AM.

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