Found 32 acres that I am interested in making an offer on. Wasn't really looking for property so I haven't did my homework on getting a loan. Looking for some direction on where to start looking to get financing. What is the typical down payment 20-30% or more. Also what else should I look into on the land to before trying to buy? I would like to buy it now and build in a couple years. It has 10-12 acres that could be farmed and or pasture.

usually you need 20% down.
if there is a Huntington near you I have a person for you to call.
i got the best mortgage rate through union savings if you have one.
32 acres may qualify you for a "farm loan". There are banks giving good rates to just farmers and non farmers can't even bank there.

land goes quick here they call the realitor right away and get a contract to back out of. If you do it traditionally with up front work by the time you call someone else already has a contract on it.

Farm ground here is going for 10-15k an acre.

If your building you need to test the ground to make sure that a leachfield works. we called it perk test?

Farm Credit Services if they have them in your area. Is it on gravel/pavement, fence condition, water, electric, sewer availability/requirements? They will probably require 20% down unless you are getting a deal on it/appraised considerably under purchase price.

Offer contingent on a survey and soil test for onsite sewage disposal. Local bank/credit union for financing. Bank will require Title Insurance and, most likely, an appraisal. Make sure it's zoned for your proposed use.

Restrictions, covenants, easements and do mineral rights come with it, leans etc...

Please tell me your joking.... I bought tillable at under $1300 that will produce 125-175 bu corn all day... how does anyone make money at those land prices?? There's no way you guys get more than what, 250bu?

Not joking. In 96 they were asking $2500 per acre and I could have bought all I wanted for probably less after haggling. Today $10,000 is the minimum, maybe $8,000 worse case.

If I'd bought 100 acres then I'd be rich now. We have an ethanol plant 15 minutes away. I think thats part of it.

Sorry I forget how many bushels per acre. Back when corn was $8+ a bushel it drove the prices up and they haven't came down yet.

Wow. That's ridiculous. Although, in sub 60 acre chunks our land goes for 2000-3000 per acre. In the 90s my dad bought an adjacent 40 to where I grew up at 300. Had the opportunity to buy 300 additional at 300 and didn't. He is still kicking himself on that one.

$15,000 per acre isn't at all unusual around where I live. That's for a smaller lot - say under 50 acres. Big crop fields may sell for less, I don't know. But homestead and hobby farm size vacant properties can easily go for more than $15,000 per acre.

Ohioboy, we have huntingtons all around us and that's usually who I deal with. Shoot me a pm if you have a contact.

I was never able to find a bank that wasn't located near the land that would make a loan without a HUGE down payment/collateral. Non local banks wouldn't even talk about it.

Same is true around here from what BigBob says. Pretty much normal banks will loan on bare ground ONLY if they are also financing a home on that property at the same time.

I would check with seller and see if he/she is willing to carry a purchase contract.

BTW, local irrigated farmland for small tracts around here is also all way over $10,000 an acre since hemp can be legally grown here.

Most places 20% down land is going nowhere but up .whats the timberland look like .around here in Ky.they say is the cheapest land in the country. but just the other day i went threw alot of listings and could not find much less than 5000 a acre.

Like others have said; pretty tough if not impossible to get a bank to loan you money for a raw land purchase. You'll probably either have to find a seller who's willing to carry a contract, or if you have enough equity in your home then you could get a HELOC and use that to finance the purchase (that would probably be the easiest and cheapest way).

$1,000 an acre is still pretty close around here unless you get close to the city or 1 of the ski resorts. I took a home equity loan to buy the land I have

So 50 acres would run me 3/4 of a million $. WOW! This is bare land no improvements no buildings Right?

We just bought 29 acres of farm ground six weeks ago. Got our loan from farm credit, if you have a farm credit in your area check them out. Farm ground here is down a little right now due to the low milk prices. We had to give a little over 3300 per acre. 20% down, 20 year term.

Guys you’re all speculating on what he’s paying, you can still buy land all day long for roughly $3000 an acre in ohio. Guy by me had 65 acres for $2100 an acre, all woods though, no crop land but I’d have to think timber is priced the same.

The property is $2300 an acre, the wife and kids walked it with me last night and it's a go. I'll be making phone calls Monday morning to the banks and farm credit services. It is 1/3 field, mature woods and low/ swamp in the back with a creek that is 10-12 ft across running through it. Mineral right go with it.

Good for you and that is a fair price nothing out of line in my books. Nothing like owning land and wish you happiness.