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Results 1 to 4 of 4
  1. 06-07-2009, 10:56 AM #1
    OceanDreamer
    OceanDreamer is offline Renter
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    Jun 2009
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    Default Are loans for bare lots handled differently?

    Hello,

    I'm hearing conflicting information about getting a loan to buy lots. The lots I've been looking at are zoned residential and my plan is to build a personal residence on one next year.

    Are interest rates, down payment requirements, etc. different (as opposed to a loan for an existing house) for such loans?

    Thanks very much for any feedback.
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  2. 06-08-2009, 05:38 AM #2
    Greg
    Greg is offline Moderator
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    Default

    Yes. The interest rates are higher, the down payments are higher and the length of the loan is shorter on a lot loan.

    You need to talk to some of your local lenders to find out what, if anything, is available. Not all lenders are making lot loans right now.
    Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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  3. 06-08-2009, 08:30 AM #3
    OceanDreamer
    OceanDreamer is offline Renter
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    Default

    Thanks Greg--- I appreciate the info and suggestions. I'll check with some lenders and see what's what.
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  4. 06-11-2009, 11:15 AM #4
    craig
    craig is offline Fixer Upper
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    Boonsboro, MD
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    Default

    Ditto with what Greg said unless you buy the lot and have it rolled in as a construction loan that is if you are going to build right away.
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