How hard is it to get a loan for land and then a loan to build a house these days..

ive been looking a little at this. I see numbers like 10% down and 9-10% interest

I am in a similar boat in regards to lot loan.

Spoke with Home Bank in Lafayette today:

20% down 10 years 6.0%
20% down 20 years 6.5%

No clue on loan to build as the lot I am looking at is a buy and hold for 3-5 years before building

I’m not in LA so it may be different but it was 20% down for 20 years (20 years was as long as I could find) when i bought in Jan. Most places were 10 years for 35% on raw land. If your land isn’t raw (unimproved land) the rates and terms change. Current rates I’m seeing on a construction loan are 5.75% and that is of course interest only payments until complete. With you making over 100k I doubt you’ll qualify for any of the 100% loans as most are to help lower income families.

quote:

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20% down 10 years 6.0%
20% down 20 years 6.5%

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damn I just closed on a house last week. Mortgage with 20% down 15 years 3.75%

Can’t believe rates are above 6% right now. I made out pretty good, that sucks.

Didn’t realize that but it makes sense

go to your local credit union and get some rates. My local credit union requires 15% down and rate was 4.25% last week at 20 years. If you tell them you are planning to build on it they will set your mortgage up differently and allow less costs in the long run.

You can roll construction loan into a land purchase with the right lender.

That being said unless you’re buying acreage I never recommend financing a lot. Pay cash and avoid 2 closing cost fees on financing.