Rural Property Loan

Discussion in 'Horn Depot' started by HornTillDeath, Feb 11, 2010.

  1. HornTillDeath

    HornTillDeath 100+ Posts

    Anybody on here work with loans on rural properties?

    We are looking to buy a house on 44+ acres outside Austin. Most of the regular mortgage companies don't do rural loans or have terms that won't work, e.g. 5 year balloons.

    TXSNOS 1,000+ Posts

    If the buyer is a Texas veteran, check with the Texas Veterans Land Board. They do land and housing loans. Not sure what their loan limits are these days, but you may be able to get a housing loan for the house and some acreage and then a land loan for the remaining acreage.
  3. HornTillDeath

    HornTillDeath 100+ Posts

    Not a veteran.

    Phil I sent you a couple of PMs
  4. cinchhorn

    cinchhorn 100+ Posts

    Capital Farm Credit or First Ag Credit
  5. orangebones

    orangebones 500+ Posts

    how is it platted? if the house isn't on a one-acre lot platted out of the larger piece (a common arrangement), you'll have an easier time. most banks/credit unions have internal loan-to-value limits on unimproved land, which are much lower than what you'd see on a normal residential or commercial loan (probably 50-60 LTV, as opposed to 80+).

    i'm jealous. i'd love to live on some acreage out in the sticks. wifey wants neighbors though, and she likes being 30 seconds from target.

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