Saturday, August 13, 2011
Possible to get loan for unimproved land? (First time home-buyer)?
My boyfriend and I have been looking into purchasing a lot/acreage to build a house on (in the future). We are both first time home buyers. We both have EXCELLENT credit. The main issue is that we are not sure of what kind of loan we can get for unimproved land (meaning it's just land NO house). The land that we are looking at is currently listed for 199K. Whatever we decide to purchase we plan on putting at least 10-20% down. So that would knock the mortgage down to around 160K-180K (if we agree to pay the asking price). We understand that it will probably be more difficult to get a loan for unimproved land than if it would be for just a home. But we were wondering what kind of income and terms would be required to get a loan of that size for unimproved land. (I am employed and he is self-employed, which will more than likely make the loan process harder.)
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