Although I don’t finance or lend money out to people seeking a loan for their land, I do know quite a bit about the process. First, upon finding a piece of land you’re interested in purchasing, you need to seek out a local lender or local bank when financing for a land loan. A realtor won;t be able to assist you on this one due to the lack of real estate, so instead going directly to a bank could help you instead.

Secondly, you need to know the prerequisites upon applying for a land loan, which are things like the 20%25% Down Payment required, the higher interest rates, and the balloon type payments that span for around 35 years. Once you have this financed and are ready, if you’re interested, you can now obtain a construction loan to build your house if you’d like. Similar to a land loan, you need about a 20%25% Down Payment and the interest rates are generally higher, so if you have any questions, feel free to ask your local lender! Good Luck!

Oh and one more thing while you’re down here, go ahead and hit that subscribe button and turn up notifications as I release 2 new videos a week that you won’t want to miss out on. Stay tuned, for I will be the first to update you on any changes or modifications that there will be on forbearances and other changes related to COVID19. My goal is to help you understand how to obtain mortgage(s) to help grow your portfolio!

Also check out our playlists that feature various topics about homebuyer’s tips that will help you grow both as a homeowner and on a consumer/producer level. If you’re seeking more information on specific topics that follow, check out our specific playlists that follow up on topics like, Down Payments, Interest Rates, and more!

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Have any questions? Feel free to drop a question down in the comments on one of our videos or contact me and my team anytime at www.loanwithjen.com Equal Housing Opportunity Lender NMLS #514497

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