Home Buying in Von Ormy>Question Details

Halotony_67, Home Buyer in Von Ormy, TX

If i wanted to purchase 1 acre of land for $25,000, would all loans require 20% down? looking to build in a few years on that 1 acre.

Asked by Halotony_67, Von Ormy, TX Fri Aug 17, 2012

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If you can find someone to provide a loan on unimproved land with only 20% down, you better take it and run. I don't know any banks that will even touch a land loan. I'll be you could find plenty of sellers willing to owner finance land since loans for these types of property are in very short supply.
0 votes Thank Flag Link Fri Aug 17, 2012
Probably more like 50%....check with your local bank to make sure.
It might depend on your credit, your income and your reserves.

Why buy the one acre now if you don't want to build for a few years?

Might be cheaper to just save the money, earn interest, instead of pay interest and taxes and insurance.
0 votes Thank Flag Link Fri Aug 17, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
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