What kind of financing is available on lots/land with no dwellings currently on them?

Asked by Tory Dearborn, Bangor, ME Fri Feb 19, 2010

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4
Carl Henker, , 95928
Fri Feb 19, 2010
Very few conventional lenders will touch land in the current lending environment.

1. Your first option is owner financing, ask the owner to carry.

2. Check with local regional bank, they may be doing portfolio loans.

3. Private money financing.

The seller has the most flexibility with lower down payment. Other options will require 30% to 50% down with loan terms from 2 to 15 years. This is what is available on the west cost your area many have more options. Good Luck
1 vote
Michael Pasc…, , Portland, ME
Fri Feb 19, 2010
Hi Tory,

Usually you can get a land loan with 30% down, 10 or 20 year term. You can also get a construction loan that you can use to purchase the land and build a house.

Michael Pascarella
207-846-5110
1 vote
Justin Carti…, Agent, Bangor, ME
Wed Mar 3, 2010
I have had several clients choose Maine Savings Credit Union for their great Portfolio products. You may want to contact Laura Barnes 942-3915 to see what they can do for you. She works out of the Broadway branch.
0 votes
Richard Leci…, , Tucson, AZ
Fri Feb 19, 2010
Depending on location, ask your lender about a USDA loan. Maybe you'll get lucky
0 votes
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