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  1. #1
    Join Date
    Jun. 22, 2012
    Posts
    152

    Default Trying to Buy a Farm...

    So I found a nice little "farm" that I'm trying to buy -it's 10 acres with a house - but the land is flat and usable and I just want to be able to keep my horses with me.

    I was asking a few lenders to see if they would be able to finance the property, but they are saying that the kitchen is "below grade" aka underground-ish, therefore it doesn't exist and they can't finance it because it won't appraise.

    Now, I've been going through traditional lenders (banks), but does anyone know if I were to try to get an Agricultural loan, would they hold it to the same standards? I have a few calls in and I'm waiting to hear back, but I wanted to see if any of you gurus had an inside scoop so I don't just waste all of my time.

    Thanks for any of your help!



  2. #2
    Join Date
    Feb. 28, 2006
    Location
    The rocky part of KY
    Posts
    9,495

    Default

    Farm Credit kept its loans in house when we went through them. They didn't have the low low interest rates, but we got the money.
    Courageous Weenie Eventer Wannabe
    Incredible Invisible



  3. #3
    Join Date
    Jun. 4, 2001
    Location
    NW Louisiana
    Posts
    683

    Default

    What ever state you live in there should be a Land Bank somewhere. Ag Credit or the Land Bank is where I would start. The Louisiana Land Bank now loans for cars, equipment, etc where as when I bought my land it was on land, equipment and farm buildings.



  4. #4
    Join Date
    May. 21, 2004
    Location
    N. TX...just N.East of paradise...
    Posts
    2,027

    Default

    Gotta tell ya, if you have part of the house 'below grade', run.....We made a big mistake on our last place, not understanding the rule of an 8 inch foundation wall above grade, and we always had water issues in the basement because of a faulty construction method that we just didn't know enough about.

    Just the phrase makes me shudder......
    "As a rule we disbelieve all the facts and theories for which we have no use."- William James
    ~~~~~~~~~~~~~~~~

    Proud member of the Wheat Loss Clique.



  5. #5
    Join Date
    Feb. 9, 2005
    Location
    Upper Midwest
    Posts
    5,929

    Default

    Farm Credit would do it here I believe, but you need to have more money down then you do for a "traditional" bank mortgage if I remember correctly.
    Siouxland Sporthorses: http://slsfarm.blogspot.com/

    DIY Journey of Remodeling the Farmette: http://weownblackacre.blogspot.com/



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