I asked on another thread but didn't get an answer. . .

What are the down payment requirements, rates, & term lengths based on >100 acres, <$300,000, & "excellent" credit?

I'm looking for general information, not a quote.

Down payment is usually 20% down but 15% can be found if you are financially strong enough.

Land banks like ARMS and can be competitive with those loans. Last two of my clients wanting fixed they got 6 on a 15 year and 7 on a 30.

Thanks!

What are typical ARM terms/rates?

I'm not a land bank and will have to defer to others. Im sure they look at your financials and credit and go from there.

awesome sauce said:

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I asked on another thread but didn't get an answer. . .

What are the down payment requirements, rates, & term lengths based on >100 acres, <$300,000, & "excellent" credit?

I'm looking for general information, not a quote.

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If you're a veteran the Texas vlb does land loans with 5 percent down

their loan limit is way below what 100 acres will cost. I think its 160K

I just did 4.25 fixed for 10 on 50ac but an unusually high down payment

And we don't charge points, pre-pay or large fees.

We're leaving too much on the table lol

Steve... he never posted any numbers other than percentage down, but I applaud and agree with you calling him out.

Kip... it is a close knit community on the Real Estate board. Many of us (mostly them) have been posting here for years. Most everyone is completely frank with each other. There are no hidden fees or expenses when dealing with a person of this board. I am a Realtor and have dealt with most here. You are a Rookie and most (if any) here don't know you.

Rookies are considered less credible until proven otherwise. You came on here posting broad terms (as many unfavorable lenders do). Steve is simply trying to protect the client. Hopefully you understand this and if not, don't bother posting again.

I hope you stick around, keep posting and become another asset to the board.

Sent you a PM.... I finance land for a living.

Downpayment is typically 20%. Every now and then, you will find 15%. Rates and terms vary depending on so many things its too complicated to try to cover in a post, because there are lots of options to discuss. We don't have matrix tables like the mortgage industry does.

If you are just looking to run some rough numbers, use 20 years at 6%.

SteveBott said:

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their loan limit is way below what 100 acres will cost. I think its 160K

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The other thing with VLB is that you pay for that extra 15%.

If you bought a place for $168k, and compared a VLB loan (7.25%) with a traditional 80% loan (6.0%), then the increased interest equates to about 14% interest for that extra $25k... That might not be such a bad deal if you don't have the down payment, but definitely worth considering.

Local bank in county of property is often a great/competitive source for loans.

awesome sauce said:

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I asked on another thread but didn't get an answer. . .

What are the down payment requirements, rates, & term lengths based on >100 acres, <$300,000, & "excellent" credit?

I'm looking for general information, not a quote.

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Typically 20% down. Rates vary on product selected. We can fix rates any where to the full amortization including 30 years. Every deal is different, as is every borrower. All rates are based on risk and not a certain pricing grid or matrix. Please give our closest office a call.
https://www.capitalfarmcredit.com/locations-main
877-944-5500