Tina, I called Terry Storer about the land loan

FarmboyBill · #1 07/08/13, 10:07 AM

He said he wasn't set up to do a loan on bare land only. He said Sept 1st he could do a land loan on a whole double wide AND land purchase
I doubt if I could afford that.

FarmboyBill · #2 07/08/13, 12:37 PM

Tina is somebody who posted on my other posting about banks not wanting to loan below 50G about this guy T Storar, who helped her with her place.

No, I don't mind people knowing what im doing, or in this case about my seemingly trying to buck the system to get a loan.

No fence taken.

tinah · #3 07/08/13, 11:27 PM

I'm sorry he couldn't get you the loan you needed.

Fire-Man · #4 07/09/13, 07:12 AM

Quote:

Originally Posted by FarmboyBill

Tina is somebody who posted on my other posting about banks not wanting to loan below 50G about this guy T Storar, who helped her with her place.

No, I don't mind people knowing what im doing, or in this case about my seemingly trying to buck the system to get a loan.

No fence taken.

FBB, maybe Wind In Her Hair was being nice and also Speaking for Alot of Us----When you Post "Homesteading" things, I am Interested, But when you Post personal things Like this Post-----directed To One Person---It should be Private Messaged. We DO NOT want to know or Have a NEED to know All your Personal Business! Just Saying! No "Fence" Meant!

FarmboyBill · #5 07/09/13, 08:04 AM

I do that with the idea that maybe somebody will chime in with their thoughts, their experiences, as many did when I posted about banks not loaning below 50Gs.
I hope, in doing so, that somebody may learn something they didn't already know, OR maybe, through me, see a hoop coming they didn't know about, or expect.

My thoughts are, Why would anybody read a posting from somebody they don't think theyed care to read about.??? I sure don't.
When they post about music threads on ST. I don't go in, cause I don't care about the subject.
I could go in and gripe about music not having anything to do with being single/divorced/ alone through death, ect, anymore than it has to do with married or dateing couples. BUT. They like it, and appreciate the music, and its their right to do so, so I stay out, and go to other postings where I can enjoy and add to the topic.

o&itw · #6 07/09/13, 10:05 AM

Hey Bill,

It is interesting when one first goes for a farm loan. I've run into logic that was truly baffling. A couple of years ago I was looking at a 40 acre farm and went down to talk to my bank loan officer. ( I have a good credit score). I was going to pay 50% down payment, and one could have easily sold the 40 acres for the other 50 %.

Thew was not a problem with me getting the loan if I wanted it, but in our talk I found that for a "homeowners" loan, the value of the land outside of the the "lot" surrounding the house was inconsequential. That is, in figuring the worth of the property, all that the considered was the house an the outbuildings and the land they resided on. It didn't make any difference if there was 1000 acres of prime farmland with it. I guess most people realize this, but I was sort of flabbergasted. I said "then how does one buy a big farm when they have 20% down?" Apparently that is a "farm loan" and many banks do not offer them.

dndweeks · #7 07/09/13, 10:15 AM

While I understand why some would feel this thread needed to be sent via PM, I am appreciative of the conversations that have been taking place. My husband and I have been weighing all our options and purchasing vacant land to later build on was an option we were considering. This information has been very helpful in assisting us on which direction we want to go.

FarmboyBill · #8 07/09/13, 10:24 AM

oitw I was told, for the type of loan I was getting, that the land can only equal 1/3 of the value of the house and lot. I had looked at a 30 which h I didn't need or want that much land. When I went to the banker, he said that the land was worth too much to make the loan.

**Cabin Fever** · #9 07/09/13, 10:30 AM

The beauty of forums such as HT is that a thread can provide helpful information to people interested in its topic. It is too bad that the information in this topic is now split up into two different threads. Someone reading the earlier thread may have no idea that the topic was continued on in this thread.

sisterpine · #10 07/09/13, 01:25 PM

I, for sure got a loan for 40K on a house last summer so I know they are out there. I just asked the VA mortgage folks for a list of banks etc that made small mortgage loans. Think I paid a half a percent higher due to low loan amount. I wish I knew more about raw land loans as I would like to get one myself but do not have the twenty percent to put down at this time. Keep looking you will find what you need! Blessings, sis

orionrising · #11 07/09/13, 03:51 PM

talk to your local farm bureau, farm credit and farms service folks, they specialize in this and can help.

po boy · #12 07/09/13, 03:58 PM

Quote:

Originally Posted by sisterpine

I, for sure got a loan for 40K on a house last summer so I know they are out there. I just asked the VA mortgage folks for a list of banks etc that made small mortgage loans. Think I paid a half a percent higher due to low loan amount. I wish I knew more about raw land loans as I would like to get one myself but do not have the twenty percent to put down at this time. Keep looking you will find what you need! Blessings, sis

Land loans do not all in Conventional, FHA, Freddie, VA or USDA residential guidelines. Local banks or your bank are your best source for a loan on raw land. Each bank has their own guidelines.

FarmboyBill · #13 07/09/13, 05:56 PM

Orion, I talked to them last fall. One said I didn't have enough acres. The other said they only delt ion loans up from 140 000

Forty Acres · #14 07/10/13, 07:46 AM

Bill, there is an Arvest in Nowata. They will loan up to 100% of the purchase price or appraised value (whichever is less) on vacant land. I have financed two land loans thru Arvest with no problems. One was a 40 acre tract and the other was a 20 acre tract.

FarmboyBill · #15 07/10/13, 08:50 AM

Thanks 40. Ill check them out.

simi-steading · #16 07/10/13, 09:03 AM

Farm Credit loaned me below $50K on a land deal.... Land loans are their specialty.. .

FarmboyBill · #17 07/10/13, 11:14 AM

simi I just called Farm Credit. They said they had to have a minimum of 30 acres to be able to deal a loan.

simi-steading · #18 07/10/13, 11:17 AM

oooohh... Huh.. .Sorry Bill.. didn't know they had that stipulation on it. Guess since I was double that the conversation never came up..

How much space you say this place had? was it the one with 20?

FarmboyBill · #19 07/10/13, 02:23 PM

10 acres no problem. your alright. Your causing me to call them up to reafirm what I thought might cause somebody to see it, and call their local offices to see what THERE guidelines are.

countryfied2011 · #20 07/10/13, 05:49 PM

Quote:

simi I just called Farm Credit. They said they had to have a minimum of 30 acres to be able to deal a loan.

My stepFIL's estate is up for auction it has been divided into tracts...the largest being 30 acres and the smallest being 6 acres. I am not doubting what you are saying..but there is a sign put up in front of the land says "Financing Available" thru Farm Credit along with the auction sign. Maybe it is different in different states, but if they dont do below 30 acres, I don't know why they would be advertising at this auction.