Forgotten Your Password?

Need to Register?

Question Icon

can i get a 30-yr fixed mortage on a lot? it's in a residental area.

by nacho761 from Detroit, Michigan. May 30th 2019 Reply


Patrick Munce (mtgbuyer1)
#26 ranked lender in Michigan - 11 contributions

https://www.greenstonefcs.com/loans/recreational-vacant-land?gclid=Cj0KCQjw_r3nBRDxARIsAJljleHEig7d3PwoueBvj-L428cRkp4PrYPNUEXnW_s_bJmisxoM7RLkio4aAoeOEALw_wcB

May 30th 2019
1
0
Patrick Munce (mtgbuyer1)
#26 ranked lender in Michigan - 11 contributions

Hi Nacho- Usually, lenders have no appetite for lot loans tied to a construction perm to remove any loan lien solely on the land. Copy and paste the link below to greenstone.com for a published offering for a 30yr loan on vacant land. Hope this was of some assistance.

May 30th 2019
1
0
Patrick Munce (mtgbuyer1)
#26 ranked lender in Michigan - 11 contributions

Usually, lenders have no appetite for lot loans unless they are tied to a construction perm

May 30th 2019
1
0
Dave Skow (daveskow)
#1 ranked lender in Washington - 281 contributions

unlikely ...most lenders do not lend on lots/ land ..the ones that do normally have short terms connected to these programs

May 30th 2019
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,986 contributions

Generally not. A lot loan is something you can find at the local credit union or small bank. Generally they tend to be 15-years or less, but each place is different. Once you build a home on the lot, you can refinance into a standard 30-year loan. I lend in MN, WI, and SD. I can be found at FirstTimeHomeBuyer-MN.com NMLS274132

Jun 2nd 2019
1
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info needed, but in general, NO.. land loans are typically for 20 years or less, and require a much larger down payment than a mortgage on a residence. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 3rd 2019
1
0
Dave Skow (daveskow)
#1 ranked lender in Washington - 281 contributions

not likely

Jun 27th 2019
0
0
Subscribe to our news feed.