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Seeking pre-approval for land purchase to build a home on in a couple years. What should I be aware?

looking to buy 2.25 acre land in 98446 WA to build SF Home in 1-3 years. 1st referral lender quoted 7.5% 20 yr financing. Looking for other options as this seems high in light of mortgage rates. Any ideas?
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July 04 2012 - Tacoma
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Poppa you can contact me through my profile, I can refer you to a construction lender that also does land loans. The lend in WA and start at 4.99% Thanks
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July 12 2012
Actually that is a very good deal for land acquisition. In fact very few lenders will actually finance land in the current lending environment. Typically they require high down payments, higher fees, and higher interest rates. Once you own the land and are looking to build there are some great one-time close constructions loans available that would help cut down on further costs to you through out the process, but I would take that land deal.

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July 12 2012
 
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