Good morning from chilly New England,
While I live in Boston, my finace and I have been thinking about buying land in Maine while it’s still “cheap”.
Does anyone know what type of financing is available for this type of purchase and what the rates are (credit score 730)? My friend seems to think that land is only financed thru a 15 year note??? I believe he is incorrect.
Any advice is appreciated. Thank you.
Most lot loans will require 20% down. There are different amortization schedules you may choose from. Your credit score is great, how is the employment? Can you go full doc?
Check out Fifth-Third bank…They have great lot loans.
Otherwise,
Check out:
Aztec Financial 800.663.0997
Bismark Mortgage Company 800.350.7199
IndyMac Bank 888.Indymac
I agree with 4EEM. I use 5/3RD for all my Land Loans. Very easy to work with.
Mdhaas,
Shhhhh. I try and keep the 5/3RD on DL. We can’t let everyone know about 100% lot loans. 8)
:banghead:
“Loose lips sink ships”,“Loose lips sink ships”,“Loose lips sink ships”
I will learn someday!