Buying land

This past weekend we went up north to look at two pieces of land.  One was sold before we even got there.  At least it wasn't the one that we really wanted.

The lot was great, the area was great, but the mortgage is bad.  We had been pre-approved for a great mortgage, but because we don't live in VT we couldn't have it.  All the land loans we have looked at are 7.5% or they want 35% down.  I just can't see spending that kinds of money.  Right now we are looking at logging as a possible way to counteract the high rate, but I'm not convinced that it is an option yet.  If that falls through we are going to wait one more year so we can just pay cash for the lot.  The frustration begins already....