Hello! I am currently under contract on a 68.5 acre plot of land in Marshall,NC. I’ve had the inspection and appraisal done but are hitting problems with the lender. Carolina farm credit offered a 10% down option but has since withdrawn that offer and changed the status from second home to investment property. My wife and I are active military and don’t own any other properties. I feel like the options they gave us to move forward are not financially responsible for us...15% down with a 5% interest rate. Does anyone have any other options to secure a loan at 10% down? Thanks!
if you are first time home buyers I would think there would be other options there for you. Maybe you should talk to a few other lenders.
@Jon A. we’ve purchased in the past but don’t currently own anything. We plan on retiring to this property in 6 years. I’d like to use the va loan but unless anyone knows a workaround the immediate residency stipulation I don’t think that’s an option.
You could try Matt Oswald at Lucid Lending. He’s a local lender
@Gillian Bellinger thanks I’ve reached out him. Thanks.
@Andrew the issue you're going to run into is that it isn't an owner-occupied loan. For that amount of land 15% down is actually pretty favorable. 5% interest isn't too bad (depending on what it is zoned for). I would suggest shopping some local portfolio lenders, and asking if the seller would seller-finance part of the down payment, otherwise that might be as good as you're going to get.
As for a VA loan workaround, no. You need to intend to occupy the premises upon closure, or within 90 days.