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How do you go about finding a lender in another state because the property you wish to buy is there?

Profile picture for Huntersville
We just made an agreement to purchase property in another state for retirement.  Closing is in 6 weeks.  In speaking with the lender I called today they said they don't lend for land purchases in another state and also stated most lenders would only lend 50% for out of state if I could find one.  Do we have to go to that state to apply for a loan or can this be done through the mail?  The state is 8 hours away.
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April 20 2009 - Berlin
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Answers (3)

Profile picture for Martin Wareing
Be prepared to pay a large percentage down as LAND is the most insolvent of all RE these days.  You can't live in it and we have bajillions of vacant homes.. It is the highest risk.. Yes, local bank near the land and good luck to you and enjoy your retirement.. Easier way... if you have sufficient equity.. take it out of your home... pay cash.. be done with the hassle.  Debt is debt... Good luck.
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April 20 2009
Profile picture for California Mortgage
Try contacting a local bank near the land you are buying.  Loans on vacant land are tough to come by... good luck.
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April 20 2009
Profile picture for Courtesy Mortgage
Unlikely you would need to travel to get the loan.  Land purchases are tough loans.  You can look through the Directory here on Zillow for the area you need a loan in, and contact lenders to see if you can find a match. 
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April 20 2009
 

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Profile picture for Martin Wareing
QuestionHow do you go about finding a lender in another state because the property you wish to buy is there?
  • Latest answer by Martin Wareing
  • April 20 2009
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