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Finding Credit for Rural Land Projects

Posted last August 19, 2010, 12:02 am in Real Estate report article

  

 Searching for credit for Rural Land projects or new dream home in the country is a challenge and search take you places you've never been before.  To get you started here's an excerpt from " 7acres" to get you started finding those hard find places to link up.

 http://7acres4rent.webs.com/apps/blog/

  Searching for credit in today's economy can be challenging, However with persistence acceptable terms can be achieved to make your future dreams come true.  Some great Web-sites can be hard to find but the convenience of applying on line and getting the information is worth the time it takes.

 

     1)  http://www.capitalfarmcredit.com/calculator.asp

 

     This site- is a Texas rural lender that has applications such as an US mortgage calculator with amortization schedules, country home loans and construction loans.  CFC's tool box has great useful features.  As an example I have added details of what a 5,000 construction loan amortization chart and a $1,500 construction loan payment ( for a septic for instance) schedule for 3 years would look like below with Amortization schedule,monthly principal with payments,balance capital,paid total,capital interests, and paid total interest.  Calculations would be similar for a personal loan with collateral.

 

   2) http://findfarmcredit.com/finance-property-agriculture.aspx   

 

   As the nation's largest rural lender, Farm Credit offers a wide variety of financial solutions and loan programs to meet the needs of agriculture and rural America. In Alabama, Louisiana, Mississippi, New Mexico and Texas, there are 18 local Farm Credit lending cooperatives, operating more than 200 rural financing offices throughout the five states. This great web-site offers county by county resources for your financing needs!  Don't forget to check out home page for more great country living resources!

 

   3) http://wwwdb.glo.state.tx.us/vlb/broker-lender/brokers/VLBVetBrokerSearch.cfm

 

This site searches for you qualified broker by city or county of your choice with neat search application page and all other pertinent information for VA loan.  The Texas Veterans Land Board originates all loans for the Texas Veterans Land Program.  Little Known facts such as and For example on mobile homes and shell homes, title insurance for VA loan, and credit life insurance details can be found.

 

Mobile Homes/Shell Homes;

No value will be given to a shell home, mobile home or any other structure located on the property at the time of financing. However, should you decide to finance and move a mobile home onto the property without first obtaining a partial release, the lender may ask for a mobile home waiver from the VLB. This allows the lender to come onto the property and remove the mobile home in case of a default on the mobile home loan. When requested by you and the lender, the Texas Veterans Land Board will execute this waiver.

 

Title Insurance;

The Texas Veterans Land Board (VLB) requires title insurance policies on all tracts of land purchased through the Texas Veterans Land Program. This insurance policy obligates the issuing title company to defend problems regarding the title that began or existed prior to the VLB's financing. A mortgagee and owner's policy are required

.

Credit Life Insurance;

Credit life insurance purchased through the VLB is optional. If you choose to receive the coverage and you or your insured spouse dies, the remaining balance on your loan will be paid in full by the insurance carrier. Premium rates can be obtained by contacting Minnesota Mutual at 1-800-720-1728.