Home Buying in Lavallette>Question Details

G6r, Home Buyer in Lavallette, NJ

Can one get a mortgage on leased land properties? How much is a land lease?

Asked by G6r, Lavallette, NJ Thu Jun 3, 2010

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Bruce Waller’s answer
hello G6r,
mortgages on homes on land leases depend on the lenght of the lease and the condition of the home, there is a few more criteria items that a lender would need, but it can be done.
Which area are you looking? I know of only a few between bayhead and south seaside park.
I specialize in properties on the barrier island, contact me direct for any other questions.
bruce 732-600-5959
0 votes Thank Flag Link Thu Jun 3, 2010
Bruce, Annmarie Remax...Lending in Ocean Beach111 in Lavalette.on leased land 20 year lease and 15 yet...decent condition...x zone...wide street and highest point...can you lend? Can you do an FHA 203k on leased land? My email is annmarierealtor@comcast.net my cell 609-290-9484 thanks
Flag Mon Aug 10, 2015
G6r

In today's restricted financing market it may be hard to find a lender that would be willing to lend on a leasehold property. You may want to check with your local banks if they have a program available but first check on how much time is left on the leasehold property. If it is less than 30 years move on.

Christopher Lyon
0 votes Thank Flag Link Thu Jun 3, 2010
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