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How do I apply for a raw land loan?

by marissaday857 from , California. Mar 3rd 2015 Reply


Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Depends whether it is a building lot or quite a bit of acreage. Lots are generally financed by banks and credit unions (20-30%) downpayment. Acreage is harder depending on your intent. You may want to contact a local community bank or keep asking local lenders, if your plan is to develop it for multiple home sites you'll need to find a commercial lender who will finance - very hard to do except for large companies.

Mar 4th 2015
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Linda Thompson (LoansbyLinda)
#827 ranked lender in California - 32 contributions

Hi Phil,I can do your loan. Give me a call to discuss 510-332-3282. I'm in California as well.Linda

Mar 4th 2015
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Linda Thompson (LoansbyLinda)
#827 ranked lender in California - 32 contributions

I mean Marissa, not Phil - sorry ;)

Mar 4th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

Land loans are much more difficult to get than a real estate loan.. for this reason, you might not have a lot of options.. There are companies out there that specialized in land loans, but the terms are not going to be attractive.. large down payment, higher rate and fees.. so be prepared.. If you looking to purchase a lot and build a home on it, then a construction loan would be more suited for your scenario.. it's hard to guess since you didn't give much info, so I suggest you contact a local mortgage broker.. once they see the whole picture, they can advise you properly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 4th 2015
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