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What kind of loan do I need to build my own home on leased land?

by sheila78122 from Garden City, Idaho. Apr 8th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Although conforming guidelines do address and allow for loans on leased land, Finding a lender willing to do a loan under these circumstances might be tough.. but finding a lender willing to do a construction loan on leased land.. even more difficult.. Start by contacting a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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 NMLS# 226347

Apr 11th 2016
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