Southwest Georgia Land Loans

LAND LOAN FREQUENTLY ASKED QUESTIONS

Q: How much do I have to put down on land loans?

A: On new purchases, down payments of 20-25% are typical on many land loans. The amount of the down payment is impacted by many factors and is specific to each credit request.

Q: Is there a minimum acreage requirement?

A: We can finance rural properties ranging from smaller lots to unlimited acreage. Smaller lots must be in rural or semi-rural areas, not located within city limits. Unlike many other lending institutions, we can also finance homes with land up to 30 years.

Q: What loan terms are available?

A: Southwest Georgia Farm Credit offers 20-year fixed rates on land with 80% financing available. What we typically find is that every loan is different, which is why it makes sense to speak with a Farm Credit Relationship Manager early in your land buying process.

Q: Do I need to be pre-qualified before I start looking for land?

A: While it is not strictly required by all real estate professionals, pre-qualification is a good idea to ensure you can move quickly when you do find your perfect piece of land, especially in a competitive market. Pre-qualification also gives you a good idea of your max budget for a land purchase, and pre-qualified offers are typically given preference by sellers as they are proof of your serious intent to purchase.

Q: Can Farm Credit assist me if I want to make improvements on my property?

A: Yes. Southwest Georgia Farm Credit provides financing options for your vision to become reality. Some examples of land improvement loans include land leveling, irrigation systems, fencing, access road construction and construction of ponds.

Q: What will I need when I apply for a loan with Southwest Georgia Farm Credit?

A: To better help guide you through your lending experience, here are some commonly requested documents you may need to have on hand when you make that call or apply online:

• Personal financial statement
• Personal tax returns for the last two years 

Depending on your loan type, document requirements may vary.

• Pay stub for the last 30-day period
• W-2 forms for the last two years
• All schedules, 1099s, and K-1 from partnerships/corporations
• Bank statements for the past two months
• Investment account statements for the past two months
• Retirement account statements for the past two months
• Copy of your driver's license
• Executed purchase contract, if applicable
• Personal tax returns for the last two years

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