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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.

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.