Financing Land

[Haneyrm]

I financed a 60 acre piece of land in middle Tennessee earlier this year and found the options to be limited. Knowing that I was going to build on the property as quickly as possible, I went the route that cost me the least amount of money. It was a 2 year interest only balloon type of loan. The construction to perm loan for my home has since paid off the interest only loan and I am making principal and interest payments for the property. While not ideal, it was the quickest path of least resistance where I could immediately take possession of the property while I planned my home construction. My home loan is with Farm Credit. They have been great to work with. Closing costs were next to nothing and I can change the interest rate on my loan at anytime for a flat fee of $400.

Mike

 

[orezok]

However, they (Federal credit union) were the ones who originally would load me whatever amount of money I wanted for a house (at a great fixed rate), however, once I went over a certain amount of land with the house (like 5 acres or so, I forget the exact amount), then they didn't want to touch the loan with a ten foot pole.

We ran into the same problem when we built our place on 26 acres a couple of years ago. My wife is a retired Navy Captain who had been doing business with NFCU for 25+ years and even though we owned the property free and clear, and were only asking for a 50% LTV, they would not loan on it. Same 5 acre issue. Go figure.

 

[sandman2234]

Congradulations, she looks like a keeper. Keep her happy and life will be easier. Sorry to hear about selling the tractor, as it would be really nice to have two, so you could go riding together on moon lit nights.
David from jax

 

[TimC]

Congradulations, she looks like a keeper. Keep her happy and life will be easier. Sorry to hear about selling the tractor, as it would be really nice to have two, so you could go riding together on moon lit nights.
David from jax

I don't think I'll miss the little Tractor once the big one is here
We've been together for 6.5 years now (but just married) and I learned a long time ago that keeping her happy helped keep me happy, so it works out fine... She's already looking at floorplans and dreaming, while I'm looking at tractor brocures and barn plans and dreaming..... hahaha

 

[sandman2234]

I purchased a larger tractor, that has fwa, and even though I gotten my smaller one stuck a couple of times, I still prefer the smaller one. I am glad I kept the smaller one, but when I get the JD2555 stuck, it is nice to grab the Ford 7710 and pull it out. Wife got on my JD for the first time ever a couple days ago. She drove it about 30 feet, but even that is a start!
David from jax