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Started By
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Terms for a land only loan?
Posted on 7/19/15 at 10:04 am
Posted on 7/19/15 at 10:04 am
Found a lot in an subdivision I want to buy and hold for a while. It is the last lot in a place i really want to build. I can't wrap it into a construction loan bc I probably won't build on it for a year or two at least. I know i'll need to go thru a local bank. What length of loan,down payment, and rate should I expect? Thanks
4
Posted on 7/19/15 at 10:14 am to ashy larry
I used Bancorp south. 10 year loan with 20% down. HELOC rate which was 7% for me.
Posted on 7/19/15 at 10:42 am to ashy larry
MidSouth bank is doing 0% down and 4.25%
Interest only payments for 2 years
Interest only payments for 2 years
Posted on 7/19/15 at 3:11 pm to yellowfin
That's pretty impressive. I didn't expect anything that low. Thx
Posted on 7/20/15 at 4:46 am to ashy larry
Program is called Dream Builder
I just bought a lot with it in Jume that ill be building on next year sometime
I just bought a lot with it in Jume that ill be building on next year sometime
Posted on 7/20/15 at 5:19 am to ashy larry
Make sure if hood has covenants you read them carefully. Most will require construction to start within "x" amount of time after lot purchase
Posted on 7/20/15 at 9:26 pm to ashy larry
Our land loan loan through Iberville Bank was 5.25% for 15 years, 10% down.
Posted on 7/21/15 at 9:07 am to ItNeverRains
quote:
Make sure if hood has covenants you read them carefully. Most will require construction to start within "x" amount of time after lot purchase
Thanks. I always give everyone the same advice.
This place has been around 30 or 40 years and the lot has already been sold at least once. There isn't a timeline on it building on it. 
Posted on 7/21/15 at 10:37 am to yellowfin
quote:
MidSouth bank is doing 0% down and 4.25%
Interest only payments for 2 years
Dang- I may have to make a phone call and find out if they're still doing this.
Posted on 7/21/15 at 10:43 am to yellowfin
What about construction loans? Will banks still let the homeowner contract it out? Ive heard conflicting stories if a licensed contractor was a must or not.
Posted on 7/21/15 at 11:38 am to blades8088
quote:
What about construction loans? Will banks still let the homeowner contract it out? Ive heard conflicting stories if a licensed contractor was a must or not.
In my limited experience, it all depends on the bank / lending institution. Some will and some won't.
Posted on 7/21/15 at 1:31 pm to blades8088
I've heard both ways too
Also some neighborhoods won't allow you to self contract
Also some neighborhoods won't allow you to self contract
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