[R7]

I know a few of you have posted loan information in the past so i'm looking to do some business soon

My plan is to buy a wooded lot and build a house on it in a couple years. The land has been approved to build and has a site plan, perc test and a A2 survey. It's 8 acres on a dead end dirt road, exactly what I'm looking for
I don't want to get involved in a construction loan yet, I just want to buy it (finance it) and pay on it for a couple years and then get the construction loan after I build some equity in it.
Will it be hard for me to get a loan for just land? I'd also like to keep the down payment as small as possible. I'm going to look at the property Thursday after work.

I live and work in Rhode Island and the land I'm looking to buy is in Ct so I'm not sure how that stuff plays out?

Thanks

[theothersean]

you can cut a lot of trails on 8 acres. assuming that its all wooded, with out much wetland.

[R7]

Originally posted by theothersean
you can cut a lot of trails on 8 acres. assuming that its all wooded, with out much wetland.

It's all wooded according to the add and realestate lady I talked to today. She also said there's no part designated wetlands, if it's dry this time of year with all the rain we've been getting, I'm sure it's good

Yeah I'm sure with 8 acres there will be some trail riding taking place

[lopycam]

Hurry up and buy it so we can come down and do some riding!!

[bentbryan]

*re-fueling saw and sharpening chain*

[Brian_C6]

Land loans are much different than home loans. Some banks require a dwelling. Some require the loan to be paid in full in 10 years. Some will give you a 9 month interest deffered on the land with options to refinance once dwelling is complete. You have tons of options but buying land is much different.

Ask Jamie (skiierx) on here... he is a Senior Mortgage Specialist / Consultant and taught me EVERYTHING when I bought my house!!

[skiierx]

Mark, give me a call later when you get some free time. I can help you with this. You can buy raw land, knowing it can be built on is the key and you already know that. There are a few things that we need to look out for (nothing big). The only thing you will not have is a super low down payment. Sorry to say, but with raw land there is more risk which means more money down. Rates are not bad, loan terms are different then normal financing but I have a couple different programs that we can work with that should meet your needs/timing.

My number is below or you can call my cell @ (508) 922-6765.

Jamie

[R7]

Thanks, Jamie I'll give you a call.

I have a few things to check into first that I forgot about, one is a good sized annuity fund that I can draw from or even borrow against. Let me get some numbers to what I have available Jamie and I'll give you a call. Thanks

[Stoneman]

Does this mean you're not gonna be looking for land in the general Lakes Region of NH?

[skiierx]

Anytime Mark!

I look forward to talking with you about it.

[R7]

Originally posted by Stoneman
Does this mean you're not gonna be looking for land in the general Lakes Region of NH?

Probably not, not now anyways. I've got a secure possition at the company I'm at that I don't think I could replace up in that area, Plus I may be part owner in the near future


loopy sed...

Hurry up and buy it so we can come down and do some riding!!

hey, you're gonna have to get a dirtbike, I'm going anti quad and making trails just wide ennough for handlebars to go by

[Stoneman]

Jamie-are you familiar with land purchases in NH?

[skiierx]

Originally posted by Stoneman
Jamie-are you familiar with land purchases in NH?

I have done quite a few land deals but nothing up as far as you are. Good thing is that you are in a good area where my banks might go. Run it by me and I will see if I can help. I have done several deals in the lincoln area but they were not raw land.

Give me a call on my cell if you want to talk. Number is above

Jamie

[trackdog]

hey, you're gonna have to get a dirtbike, I'm going anti quad and making trails just wide ennough for handlebars to go by

That is SERIUOUSLY the best thing I've heard anybody say in long time now!

[stoinkythepig]

We bought some land in Maine with short term owner financing. Paid it off in 5 years at a couple of points above prime. No credit check, no nothin' on a credit report, just an agreement a lawyer wrote up and 60 payments later, the deed was ours. It was very easy. Might wanna ask if the owner is willing to do that. Often times, land owners only sell a little at a time to avoid a big tax hit in one year. Doing it this way may allow them to move another piece in the same year since the income will be spread out a bit.