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#3141582 - 01/27/13 06:40 PM Farm Loans
BowGuy84
10 Point


Registered: 09/16/07
Posts: 4904
Loc: Nashville, TN and Louisville, ...

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Tell me about them please...

What are rates at now? What down payment is typically required? Best places to go through?

Do's/dont's?

Thanks for any info.

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#3141651 - 01/27/13 07:28 PM Re: Farm Loans [Re: BowGuy84]
landman
10 Point


Registered: 11/15/09
Posts: 2746
Loc: TN & Western KY

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Depends on the lender, Farm Credit usually does a longer fixed rate than a bank, but if you look at the right place you mite fine a deal. Most work certain areas so it depends on were the land is,
most want at least 15% down and usually 20%
_________________________
"BUY LAND. THEY AIN'T MAKING ANY MORE OF THE STUFF"
- Will Rogers

http://www.JimmySettleLand.com

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#3141992 - 01/28/13 05:34 AM Re: Farm Loans [Re: landman]
BowGuy84
10 Point


Registered: 09/16/07
Posts: 4904
Loc: Nashville, TN and Louisville, ...

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Looking at around a 50% loan, and paying the remainder off in under 10 years.

Are rates around the same as houses? In other words, is money cheap right now?

Central to Western KY is area of interest.

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#3142065 - 01/28/13 07:35 AM Re: Farm Loans [Re: BowGuy84]
The_Utility_Dude
8 Point


Registered: 12/21/01
Posts: 1817
Loc: East Tennessee

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 Originally Posted By: BowGuy84
Tell me about them please...

What are rates at now? What down payment is typically required? Best places to go through?

Do's/dont's?

Thanks for any info.


Bought 42 acres last summer. Put 20% down and set up the remainder on fixed 15 year note. Plan to pay it off in 6 to 7 years if all goes as planned. 4% interest. Could have got a couple of tenths points lower on the interest rate by setting it up on 10 yr note. Got my loan from Farm Credit.


Edited by The_Utility_Dude (01/28/13 07:36 AM)
_________________________
Never argue with an idiot. They'll bring you down to their level then beat you with experience.

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#3142095 - 01/28/13 08:10 AM Re: Farm Loans [Re: The_Utility_Dude]
Bayou Buck
10 Point


Registered: 05/11/09
Posts: 2725
Loc: Spring Hill / Perry Co

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 Originally Posted By: The_Utility_Dude
 Originally Posted By: BowGuy84
Tell me about them please...

What are rates at now? What down payment is typically required? Best places to go through?

Do's/dont's?

Thanks for any info.


Bought 42 acres last summer. Put 20% down and set up the remainder on fixed 15 year note. Plan to pay it off in 6 to 7 years if all goes as planned. 4% interest. Could have got a couple of tenths points lower on the interest rate by setting it up on 10 yr note. Got my loan from Farm Credit.


This seems to be about the norm. Where are you looking to buy?

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#3142112 - 01/28/13 08:24 AM Re: Farm Loans [Re: Bayou Buck]
treefarmer
4 Point


Registered: 07/11/11
Posts: 394
Loc: Humphreys County, TN

Offline
Farm Credit will loan money for bare land where banks don't like to. The lowest rate you can get is a loan against your home and it is tax deductable.
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#3143083 - 01/28/13 08:47 PM Re: Farm Loans [Re: treefarmer]
Hunter 257W
10 Point


Registered: 10/04/12
Posts: 3522
Loc: Franklin County

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Farm Credit will loan for land that you don't live on, whereas banks require you to live on the land i.e. the bank loan must be a mortgage. However Farm Credit rates are higher than the rock bottom mortgage rates you hear about. I bought 177 acres financed through FC a little over a year ago and got 4.95% on a 25yr loan. Recently refinanced to get a 15yr @4.15%. One great feature of the FC loans is that you can refinance anytime for only $350 with the only restriction being that you can only do this once per year.

FC will let you pay any extra principal you want to with no penalties. This is especially good if you buy farm land that generates income such as crop rent. You can use this lump sum payment to your advantage by putting that money toward paying off the loan.


Edited by Hunter 257W (01/28/13 08:48 PM)

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#3143193 - 01/28/13 10:09 PM Re: Farm Loans [Re: Hunter 257W]
landman
10 Point


Registered: 11/15/09
Posts: 2746
Loc: TN & Western KY

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There's a local Bank in Cadiz that has good terms for rec. land
and a couple of other places that works that area.
send me an email
settle.land@gmail.com and I'll hook you up
_________________________
"BUY LAND. THEY AIN'T MAKING ANY MORE OF THE STUFF"
- Will Rogers

http://www.JimmySettleLand.com

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#3143194 - 01/28/13 10:09 PM Re: Farm Loans [Re: Hunter 257W]
landman
10 Point


Registered: 11/15/09
Posts: 2746
Loc: TN & Western KY

Offline
There's a local Bank in Cadiz that has good terms for rec. land
and a couple of other places that works that area.
send me an email
settle.land@gmail.com and I'll hook you up
_________________________
"BUY LAND. THEY AIN'T MAKING ANY MORE OF THE STUFF"
- Will Rogers

http://www.JimmySettleLand.com

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#3143400 - 01/29/13 07:03 AM Re: Farm Loans [Re: BowGuy84]
Hunter 257W
10 Point


Registered: 10/04/12
Posts: 3522
Loc: Franklin County

Offline
 Originally Posted By: BowGuy84
Looking at around a 50% loan, and paying the remainder off in under 10 years.

Are rates around the same as houses? In other words, is money cheap right now?

Central to Western KY is area of interest.


Regarding rates being cheap now, Yes, they are compared to a few years back. When I was looking around 5 or 6 years ago, farm loan rates were 7.25% vs. mid 4's now. This is the time to buy.

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#3143456 - 01/29/13 07:57 AM Re: Farm Loans [Re: Hunter 257W]
JA1234
10 Point


Registered: 01/13/06
Posts: 3841
Loc: just a hair or two north of th...

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I went through farm credit. I only paid 5% down. Its all in who you know and what your credit is...if you have really Great credit 780+ you can typically get what you ask for. Knowing someone makes getting it hassle free. Loaning money is a very competitive game. Don't just take what they offer as that is what it has to be. Negotiate! certain things they are regulated to charge.
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#3145768 - 01/30/13 02:27 PM Re: Farm Loans [Re: JA1234]
mrw
4 Point


Registered: 11/12/07
Posts: 295
Loc: Cookeville, Tn

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I just bought 45 acres. I went through Farm Credit also and was able to get a 10 yr fixed rate at 3.7%. I put down 25%. I could have put down as little as 10%, but I'm sure it would have been at a higher rate. You can get a lower rate if you plan to build on the property in the future.
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#3149779 - 02/03/13 06:23 AM Re: Farm Loans [Re: mrw]
blountcountyboy
8 Point


Registered: 03/30/03
Posts: 1376
Loc: Blount CountyTN ya know over n...

Offline
Farm Credit...... A+++... It took us 6 months to get the land we purchased surveyed, and all the info TO Farm Credit... it took Farm Credit less than a week to have us closed on the land. Since the land we already owned joined this parcel and everything we owned already paid for they REALLY worked with us and discussed different loans until we found the one that worked best for us. I will work with them again in the future.
_________________________
If not for bad luck I wouldn't have any luck at all.

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