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Land Loan
Posted on 2/9/13 at 8:28 pm
Posted on 2/9/13 at 8:28 pm
So the wife and I found land in a subdivision (around 3 acres) that we really like. Will likely be building in the next 3-5 years. Is there a way to secure a loan for the land, then to convert that into a construction loan when the time comes? Also, how much should I expect to put down? Thanks.
2
Posted on 2/9/13 at 8:58 pm to Scooby
That's the only way to do it unless the builder buys lot and you do it turnkey. Make sure in sub. You don't have specific timeframe after contract to build, 3-5 years is a long time for a sub. to let someone hold a lot. In my hood you have 12 months
20% down. Lon should be around prime plus 1
20% down. Lon should be around prime plus 1
This post was edited on 2/9/13 at 9:00 pm
Posted on 2/9/13 at 9:34 pm to Scooby
That's what we did. We bought the land, 20% down, spent two years improving drainage and doing some clearing ourselves before getting a construction loan.
Posted on 2/10/13 at 9:11 am to CAT
Yes. Buy the land, add a no work affidavit, when you are ready to build, it will save you from having to do a closing for your construction loan. With us, we just got approved for the entire amount (land loan and what we thought it was going to cost to build). We borrowed what we needed for the lot, paid down the lot for 4 yrs, then used the rest of the money, needed for construction.
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