Investor · Columbus, OH · Member since 2020 · 2 posts · 0 votes
Hello, I am looking to buy Residential Land, in A or B areas. I have a great credit score & earnings to show. Any advice on getting a mortgage for Land Purchase.?
Realtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
5y
You can get traditional financing for a land purchase but it is usually with a higher downpayment of 30% or so. If you plan to build on the land after purchase, some lenders may use the equity that you have in the land and count it towards the downpayment for the total project price (land + construction costs). I was just talking to a lender about this yesterday. I'd call around and see what your local lenders will offer.