Is there a mortgage amount available on this property?

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August 11 2009
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Answers (1)

Profile picture for Wendy Lucas
Did you ever find out about this property up the Frying Pan?  Regarding a mortgage:  it is what a bank will loan to a specific buyer.  So, if you have good credit, make a good income and your current liabilities do not exceed your current income, a bank is going to be willing to lend you money.  How much and at what rate depends on how good your credit score is, how much money you make and what your current liabilities are.  Further, you will need to make a down payment when you purchase the property. Banks love 20% down payments for residential properties, but require 35% to 40% for land purchases (and it may be hard to get that right now in this market). You can get loans with less money down, but you will likely pay a higher interest rate for the money you borrow.  



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January 10 2011
 

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