Tina, I called Terry Storer about the land loan

Everythings different in this state. Weather, Amish/Minnonite, lending practices. U name it.
We cant get a rain, But there having cloudburst back east. You never see an amish buggy anymore. They all drive rubber tired tractors with trailers behind. And, Id imagine that they have different lending practices here than other states. HECK, Im finding they got different lending practices here FROM BANK TO BANK

Well that stinks. We bought 9 acres for 65K a few years back and Farm Credit here in TN made the loan.

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Might be worth trying USDA farm service again, they have a new micro-loan program for loans less the 35k that started this spring

OR. Im needing around $45000 MINIMUM. Total price is $52

Hmm. Surprised about Farm Credit. We got our loan with them, but it was acreage AND a house, so not the same as your situation.

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Oh, unless you can get owner financing, it is doubtfull anyone will do that. Standard for land loans in 25% down

40 acres. I called Nowata Arvest, and they said they loaned 100%. Went up there today, and after passing me around to 3 different people they found one to tell me that they dont loan 100% but that they loan 80. id have to come up with 10Gs. They said the bank in Owasso Loans 100% so ill check them out Monday

So sorry you got the run-around at Nowata. I thought all Arvest branches offered the same products. Evidently not! I do remember that the interest rates for raw land are on a sliding scale with percentage financed. 100% = pretty high APR. Good luck. Hope it works out for ya.

Yeah Im thinking that too 40. On your last.
They sid that the loan would be for 5 year increments and the intrest rate reevaluated at the end of each 5. That likely aint a good thing either. BUT, that could let me bale to another bank with better rates with me proving im a paying customer.

40 Acre. I called the bank at Owasso, and after being shuffled around to 4 different people I got the right one. YES They do have 0% loans. There at 6.5% and on $52,000 that would be around $460 a month. Sure cant afford that.

FBB, have you tried this??

http://www.rurdev.usda.gov/HAD-Guara...ing_Loans.html

yes I checked it out. It would have worked on the first place I tried to get with the old house. This place now, has no house. I can only put on it a new trailer, which would likely bring the payments back up into the above $400 range. Ill check into it this afternoon to be sure.

You should be able to search for properties that fall within the guidelines in your area, good luck!

Good luck. Its summertime in Okla. Nobodies moving.
Im gonna try to get my DD to go with me Fri evening to look at the place, then go to the owners who live a mile a a quarter away from it, and try to lock down a contract with them for it so that I have time to round up $10 000. Try to get it to the first of the year. That will give me time to move, get a well drilled, and get ready for winter.

Have you tried State Farm?
Not only are they for insurance but also a Bank and do loans.

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nope. Never heard of that.

I just alled Arvest bank. Asked them what my payments would be with $5000 down. They said the interest at 6.5 stayed the same regardless, and the payments would be around $415. I asked about $10,000. They said they would be around $370.
Im going to check the interest on land loans at a couple other banks.

Called T Storar again. Asked what he thought monthly payments would be on trailer and land which he said he would be able to start doing Sept 1st. He saie, with the land at 52, and guessing the trailer at around 50 the payments on a 30yr note would be around $1150 a month or down, depending on the cost of the trailer, taxes in Nowata Co, and a few other things. He said between $1000 and $1150 would be ballpark.

And I thought $450 a month was crazy.
Seems like most bank % is 6.5. Guess its going back up.