Explore Your

Land Buying Options

Financing for raw, unimproved land is very difficult to obtain through conventional means.  Most banks don’t even offer a land loan program and those that do typically require at least 1/3 down and charge high fees, points, and other charges, and closings take months to occur.  New York Land & Lakes offers “In-House” financing that is very easy and affordable and there are NO application fees, appraisal charges or pre-payment penalties!

Find Out The

Advantages to each option

Cash

By paying cash, you will save on interest and closing costs.

Home Equity Loan

Many of our customers use the equity they already have in their homes to borrow against to pay for their land purchase.  It’s generally a loan at a much lower interest rate and the interest can be written off.

Conventional Bank Loan

Local banks can sometimes write land loans, but they typically charge many fees and take a long time to close.

Buying with an IRA (Individual Retirement Account)

Many don’t know this, but real estate can be purchased with IRA funds without paying penalties and deferring taxes on the gains.

Borrowing Against a 401k

You may be able to borrow against your 401K.

All you need to know about

Buying Land With Your IRA

Did you know that income from land purchased with a self-directed IRA flows back into that retirement account tax-deferred?

Buying land investments with your IRA diversifies your retirement portfolio and can offer better returns on investments.

Identify

Identify your investment property and agree to terms with the seller.

Open an Account

Establish an account by choosing a traditional, Roth, SEP, or Simple IRA. The banking entity will deposit income and pay expenses through the IRA at your direction. The banking entity provides record keeping and tax reporting for the account.

Fund your account

Transfer funds from an existing IRA, rollover funds from a former employer’s plan (like a 401k), or make a contribution.

Complete the purchase

Send final closing documents and required paperwork to your Trust. Your IRA owns the asset once purchased.

Monitor your account

Use the banking entity’s online portal to monitor your account. You can make contributions, request distributions, view statements, tax documents, and pay bills on behalf of the IRA. They also provide a secure document upload feature for time-sensitive delivery of important papers.

all you need to know about

Buying Land with Your IRA

Did you know that income from land purchased with a self-directed IRA flows back into that retirement account tax-deferred?

Buying land investments with your IRA diversifies your retirement portfolio and can offer better returns on investments.

Identify

Identify your investment property and agree to terms with the seller.

Open an Account

Establish an account by choosing a traditional, Roth, SEP, or Simple IRA. The banking entity will deposit income and pay expenses through the IRA at your direction. The banking entity provides record keeping and tax reporting for the account.

Fund your account

Transfer funds from an existing IRA, rollover funds from a former employer’s plan (like a 401k), or make a contribution.

Complete the purchase

Send final closing documents and required paperwork to your Trust. Your IRA owns the asset once purchased.

Monitor your account

Use the banking entity’s online portal to monitor your account. You can make contributions, request distributions, view statements, tax documents, and pay bills on behalf of the IRA. They also provide a secure document upload feature for time-sensitive delivery of important papers.

What You Need to Know About

New York Land & Lakes Financing

Credit Score

A minimum credit score of 700 is required.

Credit History

If your credit history is less than stellar, the mortgage department may require a larger down payment and/or shorter term.

Approvals

Approvals are usually obtained in just a few hours.

Ownership

Ownership is transferred in seven to ten days with our financing.

New York Land & Lakes

Contact us

One of the keys to our success and growth over the decades is that our staff are the friendliest, brightest, and most helpful people. We never lose sight of the fact that our success is built on your success. We look forward to hearing from you.

New York Land & Lakes
155 Main Street, Suite D, Oneonta, NY. 13820 I  (877) 785-5263
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