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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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mortgage for land
let me get your opinions. we 100 percent financed the house so obviously we have barely any equity in the house. we needed the down payment for renovations which worked out well..we would like to buy land upstate and are wondering if you think banks will give us a mortgage for it..what are your thoughts?
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Posted 2/12/09 4:40 PM  |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: mortgage for land
When did you buy the house?
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| Posted 2/12/09 4:47 PM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: mortgage for land
Posted by neener1211
When did you buy the house?
we bought 2 years ago.
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| Posted 2/12/09 4:49 PM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: mortgage for land
bumping for some feedback please!!
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| Posted 2/18/09 4:08 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: mortgage for land
Do you have a down payment for this land mortgage? If you do, I bet they would consider it. The only way to know for sure is to go to a mortgage company and ask.
Message edited 2/18/2009 4:36:05 PM.
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| Posted 2/18/09 4:35 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: mortgage for land
depends on your debt to income ratio
I can recommend some one for you to speak with- I am not sure what banks are doing land deals now- but he would know more then me
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| Posted 2/18/09 5:01 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: mortgage for land
Lot loans are insane. Before we bought new construction we were looking at land to sub contract the home ourselves. Most banks require 25-30% down. Good luck! Where are you looking upstate?
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| Posted 2/18/09 8:46 PM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: mortgage for land
Posted by Jackie24
Lot loans are insane. Before we bought new construction we were looking at land to sub contract the home ourselves. Most banks require 25-30% down. Good luck! Where are you looking upstate?
ouch 25-30 not going to happen this year then. we're looking in the oneonta area. love love love it there.
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| Posted 2/19/09 3:29 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: mortgage for land
Ok, I am much closer to the city!!!!!! Good luck when you do look. I know M&T bank was one of the banks I spoke with. Local upstate banks as well 
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| Posted 2/19/09 10:56 PM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: mortgage for land
Posted by Jackie24
Ok, I am much closer to the city!!!!!! Good luck when you do look. I know M&T bank was one of the banks I spoke with. Local upstate banks as well
we want to be FAR away from the city..lol we're looking for a weekend home where the kids can just hang and hike.
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| Posted 2/21/09 3:47 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: mortgage for land
Posted by anjerandunder
Posted by Jackie24
Ok, I am much closer to the city!!!!!! Good luck when you do look. I know M&T bank was one of the banks I spoke with. Local upstate banks as well
we want to be FAR away from the city..lol we're looking for a weekend home where the kids can just hang and hike.
That's nice! In that case you should look at some small homes, you won't need that kind of a down payment, you get definitely get something for very little money up there!
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| Posted 2/21/09 4:17 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: mortgage for land
Posted by Jackie24
Posted by anjerandunder
Posted by Jackie24
Ok, I am much closer to the city!!!!!! Good luck when you do look. I know M&T bank was one of the banks I spoke with. Local upstate banks as well
we want to be FAR away from the city..lol we're looking for a weekend home where the kids can just hang and hike.
That's nice! In that case you should look at some small homes, you won't need that kind of a down payment, you get definitely get something for very little money up there!
ITA with this. DH and I are toying with the idea of a vacation home in PA - instead of land, we will buy a little cottage and extend or rebuild. Land loans are a PITA!
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| Posted 2/22/09 8:49 AM |
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