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Financing land without a downpayment...

Scarpozzi

Scarpozzi

Lifer
Does anyone know of a mortgage broker that would take on this kind of a contract?

My credit union only does 80% of land appraisal for a variable interest rate over 12 years...

Thanks-
 
Almost no one. Try to get the owner to carry part of the contract himself. Are you going to build on it? Or just hold on to it for awhile?
 
Originally posted by: ijester
Almost no one. Try to get the owner to carry part of the contract himself. Are you going to build on it? Or just hold on to it for awhile?
Click to expand...
I'm planning on buying it and holding it for a while...so it would just be a land purchase for now. I would take out a construction loan if it makes that big of a difference. I just won't need to move there for another 2-3 years. I'm sort of planning my future out so I get the most bang for my buck when it comes to my dream home....
 
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