Financing - The HuntingPA.com Outdoor Community

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post #1 of 22 (permalink) Old 01-23-2017, 01:09 PM Thread Starter
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Financing

I have a line on a Dry camp, no well, but has compost toilet. Anyway, looking to see what banks or other financial institutions will finance a purchase. It has a cabin already on it with close to 2 acres of land. Any help would be appreciated.
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post #2 of 22 (permalink) Old 01-23-2017, 09:20 PM
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Are you buying thru a realtor? Sometimes they can offer suggestions. Alot of time local or small banks are more willing to do loans that bigger banks won't such as "land only". Bet thing is to call some banks and find out what they say. I know when I checked into a "land only" loan most wanted 25% down.

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post #3 of 22 (permalink) Old 01-24-2017, 12:32 PM
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I dont know your living arrangements but you might be able to get a better rate and might be easier to get a line of credit against your current house if you own one
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post #4 of 22 (permalink) Old 01-24-2017, 01:06 PM
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You may do better taking a personal loan or go through a Credit Union.
A conventional lender most likely want you to have money invested in case things go south.
A few years ago I looked into buying a place over the water as an investment at the shore.
My credit rating and long term affiliation with the bank meant nothing.
They wanted me to put down 25% and since 75% of the house was on pilings they were not even sure the house would appraise for what the note would be.
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post #5 of 22 (permalink) Old 01-24-2017, 05:52 PM
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Quote:
Originally Posted by 171farm View Post
I dont know your living arrangements but you might be able to get a better rate and might be easier to get a line of credit against your current house if you own one
Good advice if you are able to do it.

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post #6 of 22 (permalink) Old 01-24-2017, 10:47 PM
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Definitely paying attention to this thread. Looking to buy a camp myself, don't have the capital upfront to do so, but making the monthly payments isn't an issue at all.
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post #7 of 22 (permalink) Old 01-25-2017, 08:29 AM
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As mentioned I would try the Home Equity loan approach..
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post #8 of 22 (permalink) Old 01-25-2017, 02:26 PM
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Just bought a camp this past year and I can tell you it's not easy. Some lenders will finance as a vacation property but it cannot be within a certain distance of your house. The rates are high and the restrictions on the building are pretty tough. The best two options are a home equity loan on your existing house which was already mentioned and financing through a local bank. For instance, most local banks will have easier restrictions and be more willing to work with you. For instance, the bank of Ickesburg will finance a cabin in any county that borders Perry county. They understand that a good deal of the properties in their area are cabins and have adjusted accordingly. My suggestion, if a home equity loan is out of the question, is to start calling local banks in the area you are looking to buy. They can usually help or point you in the right direction, don't even wast your time on the big name lenders, they'll make it clear they don't even want to touch it. We ended up going through Northwest Savings and Loan and they had a really good rate and relaxed "vacation home" rules that allowed us to finance through them with no problem. Our biggest hurdle was that we had two cabins on one property and nobody wanted to finance that. Northwest didn't even blink an eye.
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post #9 of 22 (permalink) Old 01-25-2017, 04:41 PM
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1shot2kills, I pulled a little annuity money for the down payment, then used Honesdale Bank for the loan with absolutely no problems. Next to buying my family home, its the best move I ever made.
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post #10 of 22 (permalink) Old 01-25-2017, 07:21 PM
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You may also be able to borrow against your 401K. You would be paying yourself the intrest. The downside is you probably would not be maximizing the growth.
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