Credit Union FHA Loan Process?

Question

Hello BP,

I’m currently residing in WV but there is an acre of land back in my hometown of the Greater Cincinnati area that I plan on buying and developing on later in an upcoming area. The plan is to put an offer on the land and getting financed through my Credit Union for the land. The Credit Union I use is in West Virginia and I have been with them for awhile. That’s where my Savings account is, Car Loan, and Credit Card. I have perfect payment history with them.

Will that Credit Union be able to finance a piece of land that’s in a different state? The plot that I plan on purchasing if they accept my offer, I will be walking into positive equity due to it being valued at more than the purchase price (providing they accept the offer I plan on giving).

If anyone has experience with this, your advice is greatly appreciated! Thank you.

Joe Walker · Answer

Call your credit union and ask.  Just say you're looking at buying land in Cincinnati, could you finance a purchase like that.  I'd bet the answer is "no", but you never know.  There are plenty of small local banks in Cincinnati that could probably help you though.  You'll learn some things talking to banks on what they can and can't do, rates & terms ect...  It's a good learning exercise, even if you don't get the deal.

PM me if you'd like the name of some local banks I'd start with.

Good luck!

Aaron Phillips · Answer

Still interested in seeking an answer to this.