Buying Land

[eiowaarcher]

I'm wanting to finally buy some land but of course I'm trying to figure out what I can/can't afford. I was wondering what you guys have for interest rates, what percentage you put down, and how long your loan is? Do i want fixed or floating interest rate? I'm not buying land with a house, just bare land or maybe land with a shed or something but no house. I've never bought land so if there anything I should do or should look out for please let me know. Any help/advice would be great. Thanks guys.

 

[Hardwood11]

I'm wanting to finally buy some land but of course I'm trying to figure out what I can/can't afford. I was wondering what you guys have for interest rates, what percentage you put down, and how long your loan is? Do i want fixed or floating interest rate? I'm not buying land with a house, just bare land or maybe land with a shed or something but no house. I've never bought land so if there anything I should do or should look out for please let me know. Any help/advice would be great. Thanks guys.

Buying land is a very exciting/rewarding experience! Try to find a bank/lender that offers a loan with 25% down, they may require more?

Interest rates are as low as 3.5% for short term, and 4-5% for longer term loans. I like to amortize for 15/20 years, but others will go shorter.

Look for something with crop income or CRP, and not everything is 5000 an acre or more (of course it depends on the area)!!

Good luck!!!

 

[twn417]

That is the dream right there, and we are working towards making it happen for ourselves one day soon.