Where is the Land…? - Posted by JT-IN
Posted by JT-IN on May 25, 2006 at 18:01:41:
You would be best served by starting in your local area, as those Lenders will know the product and value best.
Land only financing is more difficult now than it was 6 months ago or more. It is less about what interest rate you are going to get, and more about what LTV the Lender will go up to. Many Lenders of late have restricted their LTV on raw to not more than 50% of appraisal. Comparitively, if that didn’t work for you and you found a Lender who was 1% higher in rate, but would Lend to 75 or 80% of LTV, that might be a better choice.
It all boils down to what you need, where it is located and lastly, your strenght to borrow; (credit, income, etc.)