In My Neighborhood in Bangor>Question Details

Terry Abrams…, Real Estate Pro in 18343

I want to buy land while its cheap, what can I expect to have to pay for a downpayment?

Asked by Terry Abramson, 18343 Sun Apr 22, 2012

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Answers

5
Generally in this area it would be 20-30%minimum with many Buyers paying cash right now.
0 votes Thank Flag Link Sun Apr 22, 2012
Hi Terry, Where were you looking to buy?
0 votes Thank Flag Link Sun Apr 22, 2012
Your questions should be directed to the licensed professionals at the bank.
Once you have the correct answers pick out the piece of land you love and let a professional negotiate the purchase. Call me any time.
0 votes Thank Flag Link Sun Apr 22, 2012
The last I checked with local lenders, since I have land for sale, is 20% down. Check with local lenders in your area.
0 votes Thank Flag Link Sun Apr 22, 2012
It's great to take advantage of cheap lots/land. So the answer is.... 25-30% down. That's your initial investment and financing will be only available for 8-10 years.
0 votes Thank Flag Link Sun Apr 22, 2012
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