01/07/07
Hello, everyone I have a land deal under contract,
asking 39,500 1.1 acre, how many ways could I get financing
credit score 700. This my first land deal…
ramona
Residential or commercial land?
Aside from not knowing whether this is a residential or commercial land purchase, we would also need to know the current status of the land in question (is it raw/unimproved, improved/zoned for residential/commercial use, etc.).
Generally speaking and based upon the limited info you have provided, you might qualify for NOO residential lot financing at 80 LTV (going FULL DOC) and 90 LTV if it was to be OO residential lot financing (with a 45 DTI, 6 months in reserves and either going FULL DOC or SISA).
Hope this helps.
Regards,
Scott Miller