Would like to purchase some aches of land around my home. Looking for how to get a loan for this?

Profile picture for coachconfair
I have ache of land, and there is land to the west that is total of 4 achers and then on east is 4 achers also. Looking how to purchase and one i believe is in Tax problems, havent paid in 5 years
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March 01 2011 - Yermo
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Answers (2)

Profile picture for James the Realtor

Most banks don't lend on vacant land anymore. However, with a little homework, you can find one that will require at least 25 to 40% down if you need to do a loan on the property.  A good local Realtor that lists and sells vacant lands in your area, should have a list of lenders that do land loans.
Otherwise, the equity line of credit can be a good option as well.  Many areas have great buys on vacant land right now.  Good time to pick it up! Good luck!

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March 02 2011
Profile picture for Tracy L. Kelly
Hi, the easiest way may be to refinance your existing loan and pull cash out to purchase the land, provided you have enough equity in your home to do so.  The other alternative would be to talk to a local bank about a "lot" loan so you may purchase the lots.  Good luck with your endeavour.
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March 01 2011
 

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