My husband and I are in our mid-20s. The thing preventing us from buying our dream farm is the lack of options for loans. In order to get a small down payment loan for land, there must be a house present on the land that is 70 percent or more of the value of the land.
We would rather buy more land with a small, meager house on it or build our own house! Unfortunately, as expensive as acreage is, even with all our scrimping and savings, it will be some time before we are able to afford the 40 percent down payment that would be required without an existing house on the land.
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|Title Annotation:||DEAR MOTHER|
|Publication:||Mother Earth News|
|Article Type:||Letter to the editor|
|Date:||Apr 1, 2010|
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