Land Financing

[mojo662]

Any guys here handle any land financing? Some buddies and myself have found a little section of hunting land we are interested in, and I am just curious as to the terms of financing raw land (i.e. down payment, interest rates, length of loan, etc.) Loan value will be around the $75,000 mark. Any help is greatly appreciated.

[stang67]

20% down, 5-6% rate, 5-20 year term. Others will be along to give other details, I imagine.

[merlebo05]

stang is spot on.. I just purchased 150 ac through land bank and it was 20% down, interest rate was 5.35% (which is cheap according to what everyone is telling me, I thought that was high), fixed for 30 yrs..

You can get slightly lower interest rates when you do a floating loan (5 yr) but I would much rather pay a fixed interest rate that was slightly higher..

[mojo662]

Thanks for the help guys!

[JMallard]

Rate is a little high if you're south of 82. But those terms are about right. Thanks. JMallard