| T O P I C R E V I E W |
| Heather in GA |
Posted - May 26 2006 : 03:09:19 AM
Did you find it hard to get financing? We use a credit union for our banking and that don't finance raw land ... it has to have a house on it.  Our credit is not the best ... we are in the process of rebuilding it right now, and that's a slow process.
... So, we're thinking of paying off and keeping my van (not a lot of $$) and my husband will sell his Jeep and get an older one that he can pay cash for, then we'll start saving the $$ to buy our land. I guess I just don't want to wait any longer, but I know that I have to. Even once we do get that land it will probably be a while until we can build a house on it.
I guess I'm bummed because I just wanted my children to still be small when our dream finally comes true. I'm SO itching to get out of suburbia and get my children out of here as well.
~Heather
Editing to add: we don't own our home so we can't use the equity for that (which is what the credit union suggested)
"You may go down to the garden."...(Peter Rabbit's mother) Beatrix Potter
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| 9 L A T E S T R E P L I E S (Newest First) |
| Kate Talley |
Posted - Jun 11 2006 : 8:58:29 PM
Heather, Your situation sounds alot like mine. We are in the process of rebuilding our credit too, we were victims of identy theft and our credit rating is in the toilet!
In some of my searching I have found that sometimes owners of land will sometimes finance the land, but you usually need a big chunck of cash for a down payment.
I think we will look for property with an old farmhouse and outbuildings.
Do you have some advice on clearing up credit reports?
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| Lazycreek |
Posted - Jun 05 2006 : 1:09:30 PM
Heather, keep looking. There are properties that are owner financed with down payments as low as 10% down. It is not easy or cheap to get raw land and start from scratch, so finding something with some type of home on it is good advice. We started with raw land, but I'm not sure I would do this again.
In the mean time, one of my favorite web sites besides this one is www.pathtofreedom.com Shows that you don't have to have a huge piece of property or be out in the boonies to have a farm of your own. Sometimes, you have to grow where you are planted.
Charlee
Believe in the power of your dreams |
| westernhorse51 |
Posted - May 26 2006 : 12:54:11 PM
you all have such great ideas and alot of much needed info. farmgirls are the best!!
she selects wool and flax and works with eager hands Prov.31:13 |
| JanO |
Posted - May 26 2006 : 08:12:43 AM
Good for you Heather. Getting out of debt and rebuilding your credit, although not easy, is a great start.
FYI When you finance land you usually have to come in with a good size down payment. Then when you own it outright, most places won't finance you to build on it...go figure. We bought a piece (9 acres) a few years ago and financed it. Less then 2 years later it was paid for so we decided to try to get a construction loan and build a little house on it. Nobody would touch us because the land was paid for. They didn't want to loan us the money unless they could also hold the land, which they couldn't do.
So, I have to agree with Cyndi. If you can find a place with a house and outbuildings already on it your much further ahead. Even if you have to rebuid some of them, and remodel your still going to be in a better position. I bought this place last year with just a house and have had to build up from there, and even that's been a pain. It's taken all we have to build a barn, coops, fencing, clearing, you name it. Our origional plan was to build up this place and then sell it and develope our land that we've owned for a number of years, after the kids are grown. But after all that we've gone through with this on I don't think I have the energy to start from scratch on the other property.
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| greyghost |
Posted - May 26 2006 : 07:23:18 AM
Good luck to you, Heather! You are on the right track - my hubby and I are saving & looking for our land now. We'd love to find an old house on it, whatever we find, I figure we will know it is right for us as soon as we see it. Our own home is paid for (though incomplete, we're remodeling still!) We figure when the time comes to sell it, we'll have our land and hopefully one with an old house on it, we may need a loan to cover the cost of the old house remodel or getting the equipment we need - and the sale of our houses should reimburse much of those costs.
Good luck! |
| serenity1652 |
Posted - May 26 2006 : 06:30:37 AM
Heather,
I am a loan processor for a local mortgage company and we finance raw land with not so good credit. You do not have to go through a mortgage company to get the financing that we provide, you can finance through them directly. Here is the web site for them and it will walk you thruough the process. They do all of the US. I hope this helps on your journey to own your farm. God blees you and your family while on this journey.
www.umwsb.com
Fawn
"May all of your farm girl dreams come true...as mine has"
http://shallowcreekfarm.blogspot.com/ |
| Hideaway Farmgirl |
Posted - May 26 2006 : 06:09:11 AM
Heather - I like Cyndi's idea about finding land with a house (in any livable condition for now) already on it. Then you won't be spending money on land payments in addition to renting your house. In Virginia, we've seen lots of people put a trailer on their open land (if zoning allows) for a limited period of time while they build a house. Also, can you find a piece of land that is currently being rented by a farmer for crops or animals...that way you could buy the land, get some rental income (which looks good to the bank) and keep working toward your goals. One last thought, tare there any farmers credit unions or other agriculture-related financial institutions you can talk to for a loan? They might even know about some peroperties for sale or foreclosure. Good luck! |
| westernhorse51 |
Posted - May 26 2006 : 05:45:40 AM
Heather, I know how hard it is to have to wait, I've been doing it for YEARS! I also think saving it & doing it that way is better, at least for us. I don't want to build for alot of reasons but the main one is, I don't want to destroy anymore property. I would rather find something built even if we have to put some money into it. We do need a barn & at least one outbuilding for our fiber studio. Were looking for a small peice of land and the money is coming from my husbands retirement fund. It's hard, I do know that but hang in there and do what is best for you & your family.
she selects wool and flax and works with eager hands Prov.31:13 |
| MullersLaneFarm |
Posted - May 26 2006 : 05:34:52 AM
Heather - you're on the right track - paying off your debt and saving cash for the land.
Most lending institutions won't finance raw land.
Have you considered property that has a house on it? It's just my opinion (so disregard if you want!) but there is only so much undisturbed land left and I'd like to see it preserved.
Buying property that has a house and out buildings is really getting ahead of the game. You'll probably spend less fixing up a place than you would building new. And you'll be able to already have housing for your family and your animals - if you buy raw land, you'll have to wait for building the house, then waiting more for building animal structures.
Cyndi
Muller's Lane Farm http://www.mullerslanefarm.com
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