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lot loans?

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Old 01-08-2004, 10:05 AM
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We want to get preapproved for a lot loan. We will not be building in the near future. Any OSO members deal with these? Any OSO members know of good rates? The web searches are not turning up much.
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Old 01-08-2004, 10:52 AM
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Its a different breed all together. My best luck, was querying all the local banks local to the area I wanted to buy. They know the land much better, and are willing to do some things others are not. They also know local appraisers and surveyors, which will give them the straight scoop, rather than cookie-cutter info.

Talk to the realtors in the area you want to buy, who represent land. They will know some people to talk to, and one step further, would be contacting a closing/title company, and see if they can give you any names, but that is a long shot.

When my ex and I had bought 10 acres on a mountain in VA last year, our loan came from the bank 10 miles away, and our realtor knew the Loan Officer/VP directly.

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Old 01-08-2004, 11:33 AM
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exactly what Sydwayz said. I'm currently buying a lot and it is going through a local bank that the developer uses so everything is pretty much in order, we just got approved and will be purchasing the land using the developers attorney also.
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Old 01-08-2004, 11:57 AM
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I agree. Talk with the local bankers in the area. They will give you the best deals if available. Oftens times those loans require a substantial down payment.
20% in some cases.
 
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Old 01-08-2004, 12:12 PM
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Quote:
Originally posted by mirageman
I agree. Talk with the local bankers in the area. They will give you the best deals if available. Oftens times those loans require a substantial down payment.
20% in some cases.
That down payment is something that has caught our attention. Luckly, we are able to cover it. If anybody is interested, St. Francis bank (a local bank) does have a 5% down plan. This plan is 1 point higher in interest though.
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Old 01-08-2004, 12:28 PM
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Cord, I agree, go ask around local. We bought our lot years ago and at that time, they made it really easy to buy. You ended up paying just the interest on the loan based on a longer term loan with the understanding that you would built soon and roll that load into the Home mortage.

Where you looking to buy? I am sure you are finding that land around here is sky high......they just opened some land near me all averaging about 1 acre and they were in the 100-125K range I am glad I bought 10 years ago
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Old 01-08-2004, 12:28 PM
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we're paying 10% down on ours.
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Old 01-08-2004, 01:07 PM
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forget the bank and see if you can do a land contract with the owner. you should be able to negotiate better terms and avoid all the hassles of the bank. my father is on the board of the local bank and i still hate banks. they screw you every chance they get. i always buy vacant land with a land contract or owner financing.

if the owner is not up for it then a bank or "uncle louie" are your other options. don't choose uncle louie.
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Old 01-08-2004, 02:04 PM
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I'm thinking the land contract may be the way to go. We don't want a 3 year loan with a 25 year payment schedule. We want to buy the land up north (Door County HP) for the future. This is stuff that we want to go camping on and then someday build a cabin on.
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