Owner / Seller financing is offered as a way to purchase your dream property. This is accomplished through a contract for deed. For most properties it can be paid off or refinanced at any time. Minimum down payment is 5%.
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*If only paying 5% down, all new clients will be required to temporarily lease the property and make payments on time for 6 months before a contract for deed is executed. You may skip this initial lease period if paying 10% or more down.
With the initial lease option, if all payments are made on time for 6 months, the 5% security deposit will be converted to your down payment. Your payments will remain the same. If you do not make all payments on time, the 5% deposit will be returned after all fees, damages or expenses owed are deducted. There is NO cost difference. This helps keep costs lower for all of our valued customers.
*Lease to Contract for Deed conversions are typically performed in January and July of each year for qualifying clients.
Financing is offered at a fixed 12% interest rate on a 20 year promissory note. For some larger properties, loan terms can be up to 30 years.
If paying over 30% down or purchasing multiple tracts, the interest rate may be adjusted slightly at our discretion.
Property taxes are added to and collected through the monthly payments and will be paid to the county by KY Whitetail Land Co.
A $60,000 property financed for 20 years requires a $3,000 down payment, and monthly payments of approximately $635/month including taxes.
A 20-year loan costs $110 per month for each $10,000 financed (m/l), plus property taxes. For an approximate payment amount, reduce the total price by the down payment amount, divide by 10,000, and multiply by $110. Taxes typically add around $5-15/month depending on size but may increase if you add a home and increase taxes.
*We reserve the right to deny service to anyone for any reason. These are private loans from the owners. You are more than welcome to use a bank or pay cash.
**By using owner financing, you agree that upon the event of default, you will re-sell the property to the owners upon request via a deed in-lieu of foreclosure. Any equity in the property will be returned less any damages or charges.
***By viewing a property, you agree that you are doing so at your own risk and that you indemnify and hold harmless KY Whitetail Land Co from any and all liability resulting from your actions. KY Whitetail Land Co in no way represents that properties are safe from all dangers.