Land loan questions

Louisiana land bank told me 6% on a 20 year a few weeks ago.

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Louisiana land bank told me 6% on a 20 year a few weeks ago.

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If you don't mind me asking, how big a loan and how much down did they want?

Louisiana Land Bank and MetLife are who we've used, historically. I'm not sure about their current competitiveness, but that's who I'd check with.

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I don't believe that it mattered the size, but I'm looking at between 15-30 acres.

They require 20% down in mo ad to cases, 15% if you have really good debt to income. Didn't get into specifics...

She said typically people use them to buy the land, then roll that loan into their mortgage when they build.

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I think in some cases size does matter. I don't remember specifics, but I recall it making a difference.

If you're building on it, it opens some other opportunities. If within a year getting the construction loan, you could do a 5 year balloon type note where you just roll it into the construction loan before the balloon payment. Or could go interest only on a loan. I chose Neighbors for the 0% down. Some others who bought right around me used People's Bank, with 10% down.

I called LA Land Bank, but they just weren't competitive for what I was buying or looking for. They are definitely geared toward large purchases (100+ acres).

Does your spouse need to be put on a land loan?

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min recreational land loan appears to be $10 million

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good lawd!....

Does a 60×40 shop count as a house?

check out Louisiana Land Bank in West Baton Rouge. Specialize in farm/hunting land. Dont like to do house loans. But will finance barns and shops.