I know this doesn't belong here, but didn't know where it should be. Maybe a moderator can put it in the right forum.....

I am trying to buy a piece of property that is around $185,000 in NY. It is vacant land. My bank wants 35% down (not the problem), but will only let you finance teh balance for a max 10 years. That makes the payment too high. DOes anyone know of a bank that specializes in financing land or will at least let you mortgage it for longer than 10 years? Thanks....

Ask if you put a trailer or something with a kitchen in it if you could got longer. Make it a second residence.

Check with Farm Bureaus.....

Smaller...local banks where your land is....

When I recently bought my piece...I called SEVERAL banks to inquire about their loan programs. I found a sweet deal that is an interest only mortgage amortized over 25 years with no pre-payment penalty when I pay money toward the balance. That is the way to go my man. Pay extra to knock your balance down every month and your monthly interest amount due will also go down as you pay your principle down.

My real estate guy does the same thing on his purchases as does his sons. They are lands barrons now.

Let me think on this some more. I may add later.

Good luck Im going thru the same thing now. Its very stressful.

Gotta go local for a bank. I still needed 10% down but you may not. The Farm Bureaand the second home are excellent suggestions also.

Well I have an accepted purchase offer on the property i want to buy. I called teh farm credit and they are sending me an application. Not sure if I will qualify or not though because out of the 140 acres only about 15 acres is tillable. The rest is woods. I will be calling every bank in my area looking for someone that will mortgage teh land for 30 years...I will keep you posted if I find one.

If anyone has any other ideas or specific banks let me know...Thanks

See if the farm bureau would allow you if you put a beef steer on the property. Often times then you have livestock and can also get cheaper taxes too.

Capital farm credit!
they will long term finance with great intrest rates

Farm it and get a 20 yr mortgage easy.
Grow something as simple as Hay and have someone else come cut it, bale it, etc.

Here, our local banks only want 10% down and will go 15 years unless you have tillable and then they'll go even longer.