Preparing to Buy Land in Alabama

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Preparing to Buy Land in Alabama

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Land: They aren't making any more of it. Or so the saying goes. During these difficult economic times, a lot of us are looking for ways to own something that will never wear out or be replaced by marketing driven planned obsolescence. Real estate, particularly land in Alabama, certainly fits that description.

Whether you are considering your first purchase of real estate or you are a repeat buyer, doing your homework before starting a search is your first step. If you aren't paying cash and plan to finance some or all of your purchase, you need to learn about financing options as soon as possible. The landscape of lending has changed considerably over the past few years.

The initial step is to make certain you qualify for a loan. The lending industry is in a bit of chaos these days and finding available money can be tricky. Get a copy of your credit report, show it to a mortgage banker and you will know in short order how much you can afford to purchase. First South Farm Credit is loaning money on land purchases and are ready to make loans to well qualified buyers.

A loan that may have been easy several years ago, such as a zero down loan, is virtually impossible these days. Even loans that are collateralized by money in 401K's or equity in residential real estate are close to impossible to get.

The reason is simple. If you are collateralizing a loan rather than putting down a percentage in cash, the loan is considered a 100 percent, or zero down loan.

It may sound simple, but the best way to purchase land in Alabama is get your financial picture in solid condition and put down 20-30 percent of the purchase price in cash. In addition, you should start the loan qualification process up to a year prior to closing on a piece of land. If your financial house is in order, banks are more than willing to help you close on your Alabama land purchase.

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Tags: • closing • qualification • equity • lending • financing • marketing • land purchase • mortgage banker • credit report • residential real estate •

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