What’s up gang? Hey I want to set up financing to purchase 5 acres for my future house. What’s the best institution to get financing from? Credit Unions or banks what ?'s do I ask them. How do I ensure I am getting a good rate besides my credit score which is in low 700’s. Thanks in advance.
Rob
Rob,
Couple years ago, I got a contract on a handful of contiguous lots in FLA and scrambled to get financing. Every credit union or bank had a rule that disqualified me for one reason or another (out-of-state, too many new debts, wrong first name). Eventually I contacted the correct hometown bank & they financed 90% for me. Just call 'em all & somebody will do it. The loan will probably only be for 5-10 years. I believe vacant land loans are so scarce that whatever you can find will be a good deal. If you’re fortunate enough to find two lenders, ask them to compete. The worst that can happen is that you only find one lender & have to take what you can get. When the land value jumps up, you will be a genius for buying now. If it takes 20 years, you’ll eventually be a genius.
Good luck,
Ray