Thinking about trying to buy some land, somewhere between 40 to 100 acres. What do I need to know? What is the difference in getting a loan for land versus a mortgage on a house?

Call first south farm credit in Madison. Ask for Mike Besh. He'll tell you all you need to know. Great folks.

I'll second that, great guy to deal with.

Funny you say that, the guy at my bank recommend him.

North side of hwy 72 just west of burgreen road.

Across from the flea markets

Well just expect the the interest rate to be a lot higher than a home loan, we were told this is the first thing someone will default if they become hard on money.

Most places I talked to will only finance 80% and length of term isn't like a mortgage either. Much shorter time frame resulting in higher payments unless you have alot more than 20% to put down. Thats just what I've learned from inquiring before.

That's gotta be true.

I used alabama ag-credit. Financed 80% and the interest was higher than a conventional home loan

With ag credit it's cooperative so you have to buy in and you have "shares" because you are a "shareholder" and at the end of the year you get a check for being a shareholder. It's generally about the size of your monthly loan

You can try the Federal Land Bank also

How much higher of an interest rate are we talking? What about length of the loan?

They offered me 10, 15, and 20 year. I believe the interest rate is based on your credit score. But expect interest rate to be in the 5-6% range