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Post by leexrayshady on Sept 12, 2020 19:21:45 GMT -6
I might have the opportunity to purchase my dream property that I have wanted since I was 12. Any luck you guys can send me I will take. I want to get pre approved so I can be ready if it does fall into my lap. Going to contact the local credit union on Monday. Any other places I should look?
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Post by wklman on Sept 12, 2020 19:29:51 GMT -6
I might have the opportunity to purchase my dream property that I have wanted since I was 12. Any luck you guys can send me I will take. I want to get pre approved so I can be ready if it does fall into my lap. Going to contact the local credit union on Monday. Any other places I should look? I got preapproved threw mid central federal savings bank in wadena. The rate would of been 2.75% on a 30 year loan. Don't know if they do construction loans but it might be worth a try.
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Post by kl9 on Sept 12, 2020 19:34:51 GMT -6
Is this mainly a lot of land or A house plus land or what is it? If it is mainly land contact Compeer Financial. They are one of the largest land lenders in the Midwest. The 40 I just bought was at 3.8% and the appraisal cost me $300. No closing costs other than title work. They mainly do ag/rec land though.
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Post by benmnwi on Sept 12, 2020 19:35:37 GMT -6
If you have home equity you could get a second mortgage on your house and buy the land with that. That's what I did when I bought my hunting property. Rates are low and home values are high, so it's worth looking into.
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Post by Catscratch on Sept 12, 2020 19:36:00 GMT -6
We talked.with every bank and credit union that would listen. Shopped interest and closing costs/fees mostly. We weren't very experienced buyers so lots of questions and spreadsheets.
I hope this works out for you!
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Land loans
Sept 12, 2020 20:01:32 GMT -6
via mobile
Post by mnfish on Sept 12, 2020 20:01:32 GMT -6
If you have home equity you could get a second mortgage on your house and buy the land with that. That's what I did when I bought my hunting property. Rates are low and home values are high, so it's worth looking into. along those lines,, HELOC can be another great option
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Post by nhmountains on Sept 12, 2020 20:05:31 GMT -6
Good luck Lee. I hope this works out for you.
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Post by sd51555 on Sept 12, 2020 20:15:20 GMT -6
I might have the opportunity to purchase my dream property that I have wanted since I was 12. Any luck you guys can send me I will take. I want to get pre approved so I can be ready if it does fall into my lap. Going to contact the local credit union on Monday. Any other places I should look? Farm Credit. In MN, WI, and IL it's Compeer Financial. I just got my annual dividend check this week. They gave me back almost 3 months worth of interest. This year's dividend was 1.75%, so my 5.6% became 3.85% for the year. They also give a preferred rate on reserve cash stored with them equal to your interest rate minus 3%. So mine is 2.6%. I keep a few months loan payments stored there. They require 25% of appraised value down for best rates. Post rona rate crash, 15 yr fixed was 4%, that'd be 2.25% with this past year's dividend. Equity is a shit investment with rates that low.
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Post by Bwoods11 on Sept 12, 2020 20:23:07 GMT -6
I might have the opportunity to purchase my dream property that I have wanted since I was 12. Any luck you guys can send me I will take. I want to get pre approved so I can be ready if it does fall into my lap. Going to contact the local credit union on Monday. Any other places I should look? I got preapproved threw mid central federal savings bank in wadena. The rate would of been 2.75% on a 30 year loan. Don't know if they do construction loans but it might be worth a try. That sounds like a heck Of a rate! Must have a home?
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Post by wklman on Sept 12, 2020 20:29:19 GMT -6
I got preapproved threw mid central federal savings bank in wadena. The rate would of been 2.75% on a 30 year loan. Don't know if they do construction loans but it might be worth a try. That sounds like a heck Of a rate! Must have a home? I was shocked as well. It was my grandpa's farm before he backed out on the sale. I've got a great credit rating 800+ and it doesn't hurt my cousin works there as well 😉
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Post by leexrayshady on Sept 12, 2020 21:19:34 GMT -6
This would be bare land, nothing to do with our house build. Thanks guys for the options
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Post by kl9 on Sept 12, 2020 21:21:45 GMT -6
This would be bare land, nothing to do with our house build. Thanks guys for the options Then Compeer won’t be beat
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Post by Tooln on Sept 13, 2020 5:58:50 GMT -6
If you have home equity you could get a second mortgage on your house and buy the land with that. That's what I did when I bought my hunting property. Rates are low and home values are high, so it's worth looking into. This is what I did when I bought my hunting 40. Good luck Lee.
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Post by leexrayshady on Sept 22, 2020 16:39:31 GMT -6
Sad news the owner decided to offer the land to the farmer who rents it first , and he decided to purchase it. If someone can tell me how a guy who gets foreclosed on 2 years ago and looses his house is able to then get a loan to buy land im all ears.
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Post by kl9 on Sept 22, 2020 17:09:12 GMT -6
Sad news the owner decided to offer the land to the farmer who rents it first , and he decided to purchase it. If someone can tell me how a guy who gets foreclosed on 2 years ago and looses his house is able to then get a loan to buy land im all ears. Contract for deed? Does he have good down payment and lots of tillable on the farm?
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