solocamcan

To all of you land OWNERS....I am wondering how to get a loan to buy timber land here in Illinois. What type of loan do I need to get, money down, and how many yearscan I go for? I have no plans to build, just to manage for deer and turkey hunting. Thanks in advance!

tazimna

I know up here in Mn, it's getting harder to get a loan for just land. banks don't feel it's the investment thier interested in much anymore. Here they ask around 25-35% down on any loan for that. May be able to do it under a home equity loan. Expect to have a much shorter loan period than a home mortgage. Usually 10 years would be typical. Good luck, Taz

gamespooker

farm credit. how old are you? lots of questions, and options. I'm only 22 years old and just bought my first place. i owe it all to farm credit and their young farmers program. pm me if this may apply to you or if you have other questions

TimberCreek

Borrowed against my 401K savings and paid cash for the land. Finally just got myself paid back but it was well worth it.

timbercruiser

Farm Credit would be the first one I would call, but if you have excellent credit history and a good stable income you should shop interest rates and the amount you will be required to put up front. The lender is going to be real careful as to who they loan money to. They have had a lot of bad loans recently in this area and its not easy to get a big chunk of money for land unless it is in a good location and has a good appraisal.