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Can I finance my land purchase?
Yes. While not every lending institution will finance vacant
land, many will. Most lending institutions will require 10%
to 20% down and finance the remainder. The bank is taking
most of the risk so they will want to make sure you are
purchasing quality build-able land. Financial institutions
will probably not want to finance land that is not
build-able. If your goal is to buy unbuild-able lowlands for
hunting you are likely to need to pay cash for the entire
purchase price. Many banks will not finance the purchase of
property if even a small part is swamp or lowlands. Your
real estate agent should be able to provide you with
information about financing.
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Can I use the equity in my home to finance my land purchase?
Many people find that using home equity is an advantage. By
using the equity in your home to finance your land purchase
you may be able to finance 100% of the purchase price rather
than putting 10% to 20% down. There may also be tax
incentives when you purchase vacant land with home equity.
You may be able to write the interest from a home equity
loan off your taxes. It is important that you consult with a
financial expert when considering financing options.
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Are there any advantages in pre-approving my financing?
Yes. In fact, there are many. Pre-approving will help you
determine what you can afford before you look at property.
It allows you to find the loan program that best suits your
needs. Pre-approval allows you to get ahead of others by
showing sellers that you're a buyer with a written
pre-approval in your hands. When it comes time to make an
offer, you will have the clout of a cash buyer and more
negotiating power. Additionally, pre-approval will eliminate
unexpected delays in loan approval and closing your loan, so
you can begin enjoying your new land sooner.
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