Home Buying in Charlotte>Question Details

Anyiesa John…, Home Buyer in Charlotte, NC

Is anyone lending 90% LTV on residential lots in NC?

Asked by Anyiesa Johnson, Charlotte, NC Tue Feb 18, 2014

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5
Can I roll profit from home which I'm selling to more expensive new home I'm building without paying cap gains taxes?
0 votes Thank Flag Link Sat Feb 22, 2014
If you are single you can net $250K, married $500K before paying capital gains tax. Consult your accounant and/or attorney.
Flag Sat Feb 22, 2014
I agree with the previous agents and do have a mortgage broker who does residential lot loans at very high LTVs depending on a couple factors, .including how long the lot remains vacant, and it's location, etc. Please give me a phone call at (704) 773-2450 and I would be more than happy to get an expert to assist you with loan questions and the opportunity to help with lot/new construction purchase
0 votes Thank Flag Link Fri Feb 21, 2014
In my experience, loans for land require a 25% down payment(or more) and 3 years to repay, so payments are high. If you're looking to build a home, contracting with a home builder may work out well for you, as you likely will not be asked for a large, up front payment.
I'm not the authority on loans (especially on land), but I have some wonderful Mortgage Brokers I can refer you to. If you'd like to explore the option of having a home built I can also help you find the right builder for you!
Give me a shout for a no pressure Q & A. If I don't know the answer to your question, I'll call someone who does and get back to you with the info, how's that?
0 votes Thank Flag Link Thu Feb 20, 2014
Good morning Anyiesa,

Finding 90% on a lot loan is tough to find. We do not lend on lots alone but if you are looking to build now, we can lend up to 95% through our one-time close construction perm loan. This loan allows you to borrow up to 95% of the lot price and the contract to build on a primary residence or 90% on a 2nd home new build. Please call my office if you have other questions.
0 votes Thank Flag Link Wed Feb 19, 2014
Your best bet it so speak with some smaller or local banks that may have financing options. Even credit unions have products that may meet your needs.

John Siddons
1 vote Thank Flag Link Tue Feb 18, 2014
Thanks John
Flag Tue Feb 18, 2014
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