Loan for hunting land...best rates?

[BSOB]

I am looking into buying some land in the near future and was wondering if anyone had any leads on Lenders/Credit Unions with the best current rates.

It is strictly for hunting with no buildings and under $250k, in Texas.

Any help is appreciated. Thanks in advance!

[Matt_C]

Capital Farm Credit is the only one's I know of.

[Birddog66]

Capital Farm Credit or your local bank. Shop the rates and conditions.

[captainsling]

Capital Farm for us.

[BSOB]

Thanks guys, that is what I keep hearing. What kind of rate can I expect currently for a $125-175k fixed rate loan for no more then 25 years with excellent credit?

Is under 6% do-able?

[DUKFVR]

20 yr loan at 6% or less with 20% down might be doable. Just depends if the rate drops any. We just bought & most were a little over 6% but they were trending down a little after spiking a percentage point in the month before. We used Capital Farm Credit.

[JustYakin]

Do you have to have 20% down on all loans?

[JamesWebb]

There was a pretty good episode of the Cabelas lone star podcast about buying hunting land, you should check it out.

[BSOB]

There was a pretty good episode of the Cabelas lone star podcast about buying hunting land, you should check it out.

Can you explain a little bit.....where can I find this?

THanks

[Codie]

in our area the Farm Credit locations do not offer a fixed rate loan longer than 5-10yrs so our bank offering 15yr fixed rates at 4.95% interest and 10yr fixed rates at 4.625% with 15% down for Agland keeps a steady stream of land buyers coming in to see me. I can't help you out because you are probably outside of my lending territory but I say this to let you know that you need to check with your local credit unions/banks because they may just have better offerings than the Farm Credit lenders in your area just as we do in our area here in North Central Texas

[Shallowater]

Can you explain a little bit.....where can I find this?

THanks

Cabellas Lone Star Outdoors Radio Show - Cable Smith

Look for the podcasts in itunes or whatever phone you have. I subscribe to the show podcasts and listen on my way to and from the lease. Don't remember exactly which week that land purchase deal was. But the show is great so download the last few and enjoy.

The guy Cable was interviewing was Mike Shelley of Lone Star Ag Credit. He is a buddy of mine and we went through credit training together, and a great guy. He runs the Sherman Office for Lone Star AC. But, in Junction your best bet is probably Capital or another farm credit. They usually can stretch a loan a little further out (longer term) than a local bank. The rates will be a little better in my opinion too for a raw land type deal if you go with a farm credit organization.

Good luck.

[txtrophy85]

capital farm or texas Ag

[Shallowater]

I stand corrected, back when I was in farm Credit we would do a 30 yr fixed, but that was a few years back, and before the banking/lending world got turned upside down. It sounds like you need to compare and see what is out there.

[Codie]

I stand corrected, back when I was in farm Credit we would do a 30 yr fixed, but that was a few years back, and before the banking/lending world got turned upside down. It sounds like you need to compare and see what is out there.

I am sure different locations have different offerings - All I have to go off of is what the land buyers are telling me when they come into my office looking for a loan to purchase. Sometimes they get with me beforehand and we end up doing business and then sometimes they come in for something different AFTER buying using the local area Farm Credit location and just shake their head and ask me why we don't advertise our land rates/terms because it would have saved them lots of money - I have NOT personally gotten a rate sheet from the local Farm Credit location to compare so please make sure you check with BOTH your local Farm Credit institutions and Local Credit Unions/Banks. When you are talking to the credit unions/banks make sure you tell them exactly what you are purchasing because most have different rates/terms depending on if it is raw land/land w/ home/agland/recreational land/etc.etc.

[Chew]

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