#3047933 - 11/25/12 10:13 AM
Financing bare land?
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Tenn.Guy
8 Point
Registered: 09/17/07
Posts: 1394
Loc: Tenn
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I'm looking for any tips.
I know to make sure the land perks for septic. We wouldn't build for probably at least 5 years. It has had a survey. Anything else I need to look for?
Also local bank can only do a 5-7 year arm with 20yr ammortization.
I am fine with the arm but would prefer a 30 year ammortization to help on a monthly basis. The way my job works I can make big deposits throughout the year but would like to have the satisfaction of a lower payment if needed.
It won't be used for farming purely recreational. First time land buyer here so I need all the help I can get.
Thanks!
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#3047936 - 11/25/12 10:19 AM
Re: Financing bare land?
[Re: Tenn.Guy]
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chris johnson
Button
Registered: 05/04/09
Posts: 7
Loc: fla/perry county
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FARM CREDIT...GREATEST PEOPLE TO DEAL WITH, THATS WHO MY PROPERTY IS FINANCED WITH
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#3047960 - 11/25/12 10:44 AM
Re: Financing bare land?
[Re: chris johnson]
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Tenn.Guy
8 Point
Registered: 09/17/07
Posts: 1394
Loc: Tenn
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FARM CREDIT...GREATEST PEOPLE TO DEAL WITH, THATS WHO MY PROPERTY IS FINANCED WITH
Do they finance non farm land? It looked like on their site it had to be a "farm".
Thanks
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#3047985 - 11/25/12 11:05 AM
Re: Financing bare land?
[Re: Tenn.Guy]
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MidTN
6 Point
Registered: 01/07/08
Posts: 683
Loc: Franklin, TN
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Ask if the property has any type of easement, such as mineral, TVA or gas pipeline.
_________________________
"Light travels faster than sound. That's why some people appear to be bright until they say something.”
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#3047986 - 11/25/12 11:08 AM
Re: Financing bare land?
[Re: Tenn.Guy]
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redblood
16 Point
Registered: 01/22/06
Posts: 10372
Loc: Lewisburg
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FARM CREDIT...GREATEST PEOPLE TO DEAL WITH, THATS WHO MY PROPERTY IS FINANCED WITH Do they finance non farm land? It looked like on their site it had to be a "farm". Thanks
yes. any type of vacant land. you have to come up with 20% down for most loans
_________________________
"I will predator hunt for food "
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#3048005 - 11/25/12 11:26 AM
Re: Financing bare land?
[Re: Tenn.Guy]
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Bone Collector
12 Point
Registered: 09/09/09
Posts: 6187
Loc: Murfreesboro, TN
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FARM CREDIT...GREATEST PEOPLE TO DEAL WITH, THATS WHO MY PROPERTY IS FINANCED WITH Do they finance non farm land? It looked like on their site it had to be a "farm". Thanks
They finance land period. i have my land financed through them. they give normal mortgage terms on bare land. when i financed it was right at 4% for 15 yrs. I only financed 15K ( i simply didn't have it) my payment is like $115/month. 
and they are good people to deal with.
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Don't let the screen name fool you spikes are made of bone too Semper Fidelis! The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. - Thomas Jefferson
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#3048023 - 11/25/12 11:40 AM
Re: Financing bare land?
[Re: Bone Collector]
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Tenn.Guy
8 Point
Registered: 09/17/07
Posts: 1394
Loc: Tenn
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Good deal. I'll give them a call and see what they can do.
I'll definitely check on easements.
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#3048108 - 11/25/12 12:53 PM
Re: Financing bare land?
[Re: Tenn.Guy]
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Stick'n'String
10 Point
Registered: 06/08/04
Posts: 2653
Loc: Nashville
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Farm Credit is definitely the group to work with. We are closing next week and got 4% fixed on 85/15 15yr note. The larger banks wouldn't do anything over 10 acres.
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#3048148 - 11/25/12 01:20 PM
Re: Financing bare land?
[Re: Stick'n'String]
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Bambi Buster
12 Point
Registered: 01/29/04
Posts: 6122
Loc: Middle Tennessee
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Make sure timber rights and mineral rights will be in your name.
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"The American military is like a finely crafted sword. To be effective, it must be wielded by a discerning, skilled and merciless hand."
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#3048327 - 11/25/12 04:14 PM
Re: Financing bare land?
[Re: Bambi Buster]
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stevepitts
4 Point
Registered: 11/22/10
Posts: 242
Loc: Giles Co
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I just purchased/closed on some land using a home equity loan with PenFed. I got 1.99% but it took them forever to work the loan. They were so slow I almost lost the land.
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