It can't be this difficult...what am I missing

[spoon]

I haven't read all the posts so if this has been mentioned I apologize in advance.
If you know pretty much where you want to relocate to call a realtor or 10 and see what they have available. If you find one with something you like in your price range they will go out of their way to help you in any way they can to make a sale. They may even have a working relationship with a local bank that might be of some help to you.

 

[Ralphy6177]

Capital Farm Credit or other land bank, there are a few. They will lend you money on land. That's how I got my place.

 

[somn]

Something smells real fishy here. You have someone claiming to have a sizeable down payment to buy land or a farm and no bank wants to touch them. There is something else that has not come out. You walk in the bank here and want to buy a 100,000 dollar piece of property with 20% to 30% down and can show financial resposibilty to pay your note, your fixin to have a note. Financeing cows is another thing.

Caustic I've seen loans rejected before when there was more than 50% down. Of course the Asking price was $178,000 and the property might have been worth $30,000. Might be just that kind of situation bank might not think that property is worth even the 50% of financing. Real estate market ain't so good as you know.

 

[TheBullLady]

The reason you're having trouble is definately the fact that you don't have a job opportunity, and you can't show any way to repay the loan! I understand you want to start ranching, but let's face it.. that's not a good career choice for someone that has never done it before, and it's not going to look very good to a lender.. no matter how much you have down. What kind of price range are you looking for? That's going to have a lot to do with your options as well. FSA doesn't want to loan small amounts.. they want to loan large amounts. The last one I did they told my client they wanted to loan her at least $350,000. And FSA IS a good option.. especially if you're a minority, or a youngster. BUT you have to have a well planned, thought out business plan to show them, or they aren't going to be interested. If you know what area you are interested in, why don't you take a trip and sit down with the USDA / FSA loan officer?

 

[Wild Cattle]

Question...How much land are you trying to buy, and how many cows will it run. You have said nothing about how you will buy cattle...just the land. How are you going to make a profit that will pay the note?

Section of range land in west Texas is about lets say $ 320,000( 50% down $160,000) and it will run 40 cows ($28,000)lets say....40 calves at $500/hd = $20,000 less average costs...lets say 7k..leaves $13k/yr to service $188k in debt, plus taxes, capitol imp ect. Good jobs would be a must I think.

 

[texasgal0919]

Question...How much land are you trying to buy, and how many cows will it run. You have said nothing about how you will buy cattle...just the land. How are you going to make a profit that will pay the note?

Section of range land in west Texas is about lets say $ 320,000( 50% down $160,000) and it will run 40 cows ($28,000)lets say....40 calves at $500/hd = $20,000 less average costs...lets say 7k..leaves $13k/yr to service $188k in debt, plus taxes, capitol imp ect. Good jobs would be a must I think.

The way we are going to buy cattle is with cash. We will not finance cattle...sounds like a recipe for disaster to me. Anyway, I have talked to firstag credit and they are working with us. We are preapproved as long as we get the pay we put on the application which shouldn't be too hard with our job history and degrees. Anyway, thanks to everyone. I really appreciate it!