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Message
Down Payment for land to build on later...
Posted on 4/21/14 at 11:14 am
Posted on 4/21/14 at 11:14 am
If I was to find a lot but wouldnt be ready to build for another five years, are there time limits on how long you can wait to build? And do you have to put 20% down like you would if you were to buy a home?
3
Posted on 4/21/14 at 11:25 am to TigerSaint1
Many factors
1. There may be subdivision requirements making you commit to build within X number of months of acquiring property.
2. For just the lot acquisition the lender will probably make you put down a hefty percentage.
3. If you currently own, I would strongly consider a 2nd on the current house and purchase the lot without direct financing.
4. Things change - the neighborhood may not be where you want to be in 5 years. I would start saving for a lot...then when the time comes purchase the lot that is good for you then and 15 years from that point.
1. There may be subdivision requirements making you commit to build within X number of months of acquiring property.
2. For just the lot acquisition the lender will probably make you put down a hefty percentage.
3. If you currently own, I would strongly consider a 2nd on the current house and purchase the lot without direct financing.
4. Things change - the neighborhood may not be where you want to be in 5 years. I would start saving for a lot...then when the time comes purchase the lot that is good for you then and 15 years from that point.
This post was edited on 4/21/14 at 11:26 am
Posted on 4/21/14 at 11:25 am to TigerSaint1
LINK
Should point you in right direction.
My loan for lot last year:
Should point you in right direction.
My loan for lot last year:
quote:
First American Bank:
10% down
Balloon after 60 month (5 year on 15 year loan)
4.25% last April
This post was edited on 4/21/14 at 11:27 am
Posted on 4/21/14 at 12:22 pm to StinkBait72
Guaranty Bank has a 100% for first year paying interest only. And 10% principal due after first year. Has to be less than 3 acres.
Posted on 4/21/14 at 12:38 pm to TigerSaint1
We're actually at the end of our 5 years doing the exact same thing. Bought a lot in 2009 and had to put 20% down on it. If there are restrictions on the lot per the neighborhood they should be given to you when you go to purchase the lot. We literally got a document that had been filed with the parish listing out all the stuff we couldn't do on our property. I wouldn't think there would be time restrictions as you mentioned though.
Posted on 4/22/14 at 12:03 am to BeerMoney
I actually applied for a loan today for a lot here in Houston.
4.74%
10% down.
Using my credit union. Best deal I found.
4.74%
10% down.
Using my credit union. Best deal I found.
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