Obtaining financing is one of the steps in buying land for sale in Vilas County. Depending on your financial situation, you may have several options available to cover the cost of your next real estate transaction.
Conventional Banks and Credit Unions
Banks and credit unions are the most common sources for mortgages, even when looking for farms for sale in Vilas County. However, you may want to start your search with banks that specialize in rural housing loans. Banks that specialize in rural housing loans are more likely to provide favorable terms, such as a lower interest rate.
FSA Loans and USDA Loans
The United States government has a variety of programs designed for Americans looking for land for sale in Vilas County and other rural areas.
These loans include FSA loans and USDA loans for those that want to use the land for agricultural activities and homeownership. However, the availability of these loans depends on your income and the area where you want to buy land.
Government-Backed Rural Housing Loans
Along with USDA loans, the government manages a program that provides rural housing loans. These loans are available to those with very low to moderate incomes.
If you make 115% or less of the area median income (AMI), you may qualify for a rural housing loan. The loans are repaid over thirty-three or thirty-eight years.
Pay for Your Land with Cash
Paying for land with cash often results in the greatest savings in the long run. You avoid paying any of the interest or fees associated with a mortgage. If you have enough money to cover the cost of the land, paying with cash may make the most sense.
The next step is to find a local brokerage, such as LandProz Real Estate LLC, to explore properties that meet your needs.
