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Residential Land Loan
Posted on 1/8/12 at 7:35 pm
Posted on 1/8/12 at 7:35 pm
Looking at possibly buying some land (1-2 acres) to build a house on in the next 5-7 years. I am clueless to what type of loan this would be, how much I would need to bring to the table, and what kind of interest rate and term on the loan. Any help is appreciated.
3
Posted on 1/8/12 at 7:42 pm to Scooby
Minimum of 20% down often times 50%. 5-7% interest.
Posted on 1/8/12 at 7:59 pm to Scooby
quote:
Looking at possibly buying some land (1-2 acres) to build a house on in the next 5-7 years. I am clueless to what type of loan this would be, how much I would need to bring to the table, and what kind of interest rate and term on the loan. Any help is appreciated.
I am not sure how smart this would be but interest only loan could be an option. After you build the house it converts to a traditional mortgage.
Posted on 1/8/12 at 9:01 pm to Scooby
Always understand all cost in a loan. A community bank should be good but I would get quotes from a couple at least. Look at their fees in addition to their rate.
Posted on 1/9/12 at 5:04 am to I B Freeman
I went through e federal credit union. Needed 20% down and the rate I got was 6%.
Posted on 1/9/12 at 1:17 pm to guttata
Like others have said a minimum of 20% down and many will want more than that. As to the interest rate, who knows. Most banks right now really aren't wanting to make real estate loans right now. Shop around and see what you are able to find.
Posted on 1/9/12 at 3:16 pm to bbvdd
I am trying to do the same thing and just called my Credit Union where I have my current mortgage. They said, max 10 years, min 20% down...8.5 percent, crazy...
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