|Real Estate Information|
Young Couple Buys Ranch with Government Money
Kirk and Tina Sczepanik had a dream. They wanted a ranch of their own. But with the rising cost of land and the demands of raising three young children, the possibility of realizing their dream often seemed remote.
Kirk, 29, grew up on a ranch. He earned a degree in Agriculture, and now works for a construction company. Tina teaches Spanish at their local high school in South Texas.From the time they got married, they had their eye out for available ranchland. They investigated financing, and they learned they would need a down payment of at least ten percent.
Most area banks required twenty percent. On top of the purchase price, they would need to finance any improvements, equipment, and livestock. If the property they selected didn't have a home already built on it, they would need to finance construction of a house. Despite the apparent obstacles, they never gave up hope.
Tina spent months researching on the Internet. She followed up on every lead for ranches and financing. Finally, she came across a reference to a program of the U.S. Department of Agriculture, through the Farm Service Agency. The program, called the Direct Farm Ownership Program, is designed to support and encourage people just like the Sczepaniks to settle in rural areas and either farm or ranch, or both.
Immediately, Tina contacted FSA and they completed an application. In order to qualify for the funding, they first had to be rejected by conventional funders.That part was easy. Tina simply explained her need to local banks, and they wrote her a letter verifying she would not qualify under their guidelines.
Although the program is available to all Americans, there is a set-aside of funds earmarked especially for minority applicants. Because Tina is Hispanic, they qualified under the set-aside, and were approved in the summer of 2003. With a guarantee of funding, they began looking in earnest for the ranch of their dreams. Through one of those strokes of perfect timing, they learned from friends of a ranch that was soon going to be put up for sale, but had not yet been listed.
The ranch was 140 acres, and included a frame house. The house had been built in the 1930's, then added onto twice. It had fallen into some disrepair, but it was in good enough condition to merit renovation. Three middle-aged siblings had inherited the property upon the deaths of their parents. None of them lived close enough to the ranch to want to keep it, but they had grown up there, and they wanted it to go into the hands of a family. They quickly accepted Kirk and Tina's offer.
Working closely with helpful staff officers at the Farm Service Agency, Tina and Kirk structured their financing into two loans. They used the acquisition loan to buy the property and finance a portion of the repairs on the house. That loan had a term of forty years, at an interest rate of 3.75%. They also took out an operational loan for seven years at 5.25%. The second loan financed the remainder of the renovation of the house, as well as fence repair and the purchase of cattle and equipment. No down payment was required for either loan, although the couple did put down some earnest money and paid a portion of the cost of the survey.
When they closed on the property, the real work began. They made the money stretch by doing a substantial portion of the repairs on the house themselves. Kirk's construction skills, and his relationship with vendors, were a definite benefit. Everyone in the family, including the children, helped with the renovations. Tina sums it up, "Essentially, we just gutted the house and rebuilt it from the studs out."
That work took several months, but finally, in September 2004, the family moved into their new home. For all three children, life on a ranch is a wonderful adventure. They have room to roam, and opportunities to make a real contribution to the family as they help their parents put things in order.
Joseph, now 12, is working on business ideas of his own. He plans to participate in a youth business opportunity program of FSA, which allows young people from ages 10 to 20 to borrow up to $5,000 to start a business. And Tina's father has taken responsibility for one field, where he has already planted a large garden to keep the family in vegetables. Tina laughs, "He's out there all the time on the old tractor that came with the house. He's having so much fun."
Meanwhile, Kirk has rebuilt some of the fences on the property, and has moved his three horses into their new home. His pride in their ranch, and in his wife, is evident as he talks about their new life. "You know, I'm the one who knows about ranching, and cattle and horses. We can make this a wonderful place. But it never would have happened if Tina hadn't been so determined, and gone out and found this program."
2004 (c) Jillian Coleman Wheeler
This article is condensed from New American Land Rush: How to Buy Real Estate with Government Money, by Jillian Coleman Wheeler (c) 2004. For more information, to go: http://www.NewAmericanLandRush.com For more about grants, visit: http://www.GrantMeRich.com You may reprint this article, if you credit the author and include thisresource box. Please notify the author of publication information: firstname.lastname@example.org
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
The Future Of Real Estate Tech: How We Got Here And What's Next In An Exploding New Ecosystem - Forbes
French Property - a Buyers Guide to Purchasing Property in France
The CompromisThis document is the document you will sign agreeing to buy the property at the agreed price. It is signed by both vendor and purchaser and sets out all the details of the purchase price and fees.
Buying a Vacation Home
You'd like to buy a vacation home, but you're not sure where to begin. Perhaps the single most important point to determine up front is why you are buying a vacation home.
Property Investing Secrets 2
Property Investing Secrets:How You Can Turn A Below Average Deal Into Streams Of IncomeWhen property investing, sometimes you'll get a seller who will say: "Sure, I'm retiring, and I need some cash flow, I need some money but if I deposit it in the bank, I'm not going to get much for it. The property market is falling, there aren't a lot of buyers and they are all beating me up on the price of my house.
Florida Investment Real Estate and What Are Considerations Before Buying
Investment Real Estate, First Things FirstConsidering investing in property? What are some pertinent things to consider before taking this leap? Of all the investment possibilities, investment in land generally produces the most positive results. It is vital, however, to carefully investigate the pros and cons, benefits and deficits of real estate investment.
Real Estate Investing By The Numbers
Just like most things real estate investing can be broken down into easy to learn step.Step One - Learn the basics:Ownership of real estate is evidenced by a valid deed.
Finding a Great Listing Agent for Your Home: 8 Tips
If you've decided to list your home, you'll be paying a real estate agent a significant amount of money to the hard work of selling your home. Therefore, you have the right to expect prompt attention, good service, and protection.
Create a Great Webpage to Sell Your Home
The majority of people in the UK who are looking to move house use the internet to find properties for sale. So it makes sense to ensure that your property is on the web if you want to sell.
First-time Home Buyers - 100% Home Loans
There is an increasing trend in South Africa that is seeing youths entering property market at a much earlier age. These youths are mostly first-time home buyers, applying for their first home loan, who have been renting for a short while and feel the need to invest in a property of their own.
Renting a House
Renting a house or a room in your home is a great business that millions of people take advantage of to make some extra cash. While many people rent houses each year, not all of them are successful.
10 Tips to Sell Your House Faster!
Here are some Handy wee Tips to help you Sell Your House Faster. These are all 'tried and true' tips we've gathered over years of Buying and Selling Houses, so I know for sure that they work!1.
Real Estate Investing: America Rents
Most people in America rent a personal dwelling!Just think how many families rent a house or an apartment, a duplex or a condo.Yet, nobody prefers renting.
Real Estate Investing: Infomercial and Mentoring Scams
Flipping through late-night infomercials recently, I saw two real estate get-rich quick schemes, and I couldn't help but wonder why people still fall for those old scams? Has anyone really talked a seller out of his home for no money down with owner financing lately?Real estate infomercials do great harm to beginning investors, who waste hundreds of dollars on old information. Worse yet, those beginners soon get discouraged and miss out on the true (and profitable) adventure of real estate investing.
Follow-Up - The Key To Successful Closings
If everyone always did everything they said they'd do, we'd all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped.
Selling Your Home Quickly, Even if You Have No Money For Repairs
Do you need to sell your home quickly? If so, don't be tempted by the ads you see that say "We Buy Houses" or "Sell Your Ugly House in 9 days for Cash." Those types of ads are placed by real estate investors who are looking for sellers under duress, and they'll only pay up to 70% of the low end market value for your home.
Avoid The Traps Of Finance
Most consumers are told where to get their mortgage because few people personally know and trust a mortgage or loan officer or correspondent (the same thing). It used to be agents would take their buyers out to find the house they wanted, then to their favorite mortgage company.
Horses In My Back Yard
Horses In My Back Yard by Jody Hudson, with Extensive Collaboration From Chris Hudson HORSE LOVERS: During my thirty years of selling rural land, I have frequently found that folks want some acreage so that they can own and ride horses. They LOVE horses in their own mind but have little if any of the real knowledge or experience necessary to raise one or more horses.
Are You Really A Twenty First Century Investor
Today's residential real estate market for investors has become very competitive in most major markets. The vast majority of real estate investing seminars and clubs are encouraging you to search out desperate home owners or distressed properties to be rehabbed.
Fraud in Real Estate, Are You Being Victimized? - Part II
The phone range and Peter was on the other end of the line. "Willard, I have a friend of mine that has a real estate problem.
Getting Ready to Sell Your Property
We all have had the experience of someone important coming to the house and whether the visitor is an in-law, an old friend, or business associate you know the drill: Have the house in "show" condition.For investors the situation is much the same: First impressions count!!!! Even though you may not be able to tell a book by its cover, you'll probably pay more for a book if the cover is inviting, and attractive.
How To Give Yourself A $20,000/Year Raise Without Asking Your Boss
Why without asking your boss? Two reasons, one, he or she will most likely say no; and second, he or she will probably have you committed for asking. So what do you do.
|home | site map|
|© 2006 TIGER MEDIA|