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re: Lenders for Residential Land purchase

Posted on 6/14/18 at 9:01 am to
Posted by snake2985
Member since Jan 2011
334 posts
Posted on 6/14/18 at 9:01 am to
You should be looking for a "lot loan" from the banks. I have used my local credit unions when I purchased land for future development. If you plan to build within the next year, you could also get a "construction loan" which would purchase the lot and finance the construction of the house.
Posted by ItNeverRains
37069
Member since Oct 2007
25754 posts
Posted on 6/15/18 at 12:15 pm to
quote:

You should be looking for a "lot loan" from the banks. I have used my local credit unions when I purchased land for future development. If you plan to build within the next year, you could also get a "construction loan" which would purchase the lot and finance the construction of the house.


potentially. most home loans are for 12 months. if you secure lot with construction loan, you need to have plans drawn and builder ready to go, ready to pull permits and any deed restrictions clearly understood.

I've seen some things, man...
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