Bare land and mortgages. What are my options?

our local bank will only finance 65% of naked land. you better have a real good down payment.

one thing that many people find when they go to borrow large sums like that your credit rating should be sterling. you should put at least as much effort into cleaning it up as you do any other prep.

This is pretty depressing. Land here is so incredibly expensive. We're talking 2 acres for $50k from the listings I've been looking at. We don't have 20% to put down. Heck, we might come up with 5%, but that's all.

2 acres for 50k??? whoa move some place reasonable.. i just looked at a place with 426 acres 160 in cultivation the rest marketable timber huge barn power to property with a 3 acre pond and a creek running through it for 99.9k. that price is insane go someplace nice that a guy can afford without giving up your 1st born. after all the whole idea of homesteading is to be self sufficient cant do it on 2 acres for 50k.

im still looking, that place was nice but it was in a place with an over active building dept. im done with code enforcement and housing authorities. im going to find a place where a man can be free on his land. if its not here in the US ill go elsewhere.

the deal on that place would of been owner carry 15 yrs 10% down with a balloon at end of contract that could be paid down over the term without penalty. oh and simple interest 11% my credit took a hit with the economic downturn (were i to make an offer I would of given 30 % down and had the balloon payment at the end removed)

the payments would of been big but in 2 years the place would of been paid off anyways from the timber and calf crop. that much land will pay for itself.

Hey I'm a Loan Officer and like most have said, I can tell you 95% of Brokers won't lend on land. There are a few who specialize in it but you will be much better off going to a local Credit Bureau for the loan.

Better LTV and rates.

On a side note if anyone is buying in TX let me know. Haha