Land can be purchased in many ways.
- There's always the "traditional" loan approach.
- Some sellers do offer owner financing.
- If you have considerable equity in your home you could consider an equity line of credit.
- Also, you can purchase land by transferring existing funds from an IRA account to a self directed IRA account. Usage restrictions apply. The custodial firms below offer these services and have some great background and frequently asked questions on their web sites. Check it out!
Equity Trust Company Security Trust Company Guidant Financial Group
Pensco Trust Company Asset Exchange Group
- One could also consider a farm loan from the US Department of Agriculture's Farm Service Agency. Here's some info from their web site...
"FSA makes direct and guaranteed farm ownership (FO) and operating loans (OL) to family-size farmers and ranchers who cannot obtain commercial credit from a bank, Farm Credit System institution, or other lender. FSA loans can be used to purchase land, livestock, equipment, feed, seed, and supplies. Our loans can also be used to construct buildings or make farm improvements."
U. S. Department of Agriculture, Farm Service Agency
You may want to seek the advice of your accountant and/or financing advisor before utilizing any of the approaches above.