Buying Land

[Anonymous]

Any one have any idea how a young couple is supposed to buy land. We have a good herd of registered, simmentals on family and rented ground. There is a farm for sell and we'de give anything to buy it. I'm 21 worked the same job for three years, and the better half is in her junior year of college. If we could only get folks to believe in us enough, we'd have it made. Why does it have to be so hard.

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[Anonymous]

Where have you tried to get a loan? If you look back a few messages you will find that a gentleman named Cody was asking a similar question. You sound like you are in a better situation however. Wells Fargo has a part time farmer program that allows you to buy a home&land combination (they don't have to be on the same property) with 15% down if your credit is good (not trying to sell them but we have had a good experience). If you are not able to put at least 15% down you will have a hard time. Look back at the messages and if you need any more info drop me a line.

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[Anonymous]

Your state Dept. of Ag may also have programs that specificly desighned for young farmers to get started. MO has such a program, don't know the requirements but it doesn't hurt to check to see if something similar is available in your area.

dunmovin farms

> Where have you tried to get a
> loan? If you look back a few
> messages you will find that a
> gentleman named Cody was asking a
> similar question. You sound like
> you are in a better situation
> however. Wells Fargo has a part
> time farmer program that allows
> you to buy a home&land combination
> (they don't have to be on the same
> property) with 15% down if your
> credit is good (not trying to sell
> them but we have had a good
> experience). If you are not able
> to put at least 15% down you will
> have a hard time. Look back at the
> messages and if you need any more
> info drop me a line.

 

[Anonymous]

For whatever reason, raw land or farm land has always been much harder to get financed then, say, a big fancy house!

I'm a realtor in Central Texas and I primarily sell ranch property...and I send clients to the Federal Land Bank, or to a local bank in the area the land is in. If you have any kind of "association" with the local bank, you may be surprised at what they can do. Otherwise, like was said earlier, you'll be looking at a 15% minimum requirement for a down payment...and you'll need closing costs on top of that.

Have you approached the owner about financing the property? Possibly they would consider it if it was for a short term...say with a 2 year balloon, which would give you more time to establish credit, and to find a lender.

If you have any questions, feel free to e-mail me.

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