| Posted by: Rob Nov 22 2004, 12:32 PM |
I'm interested in buying a 20 acre wooded plot for a future (3-5 years) building site. There is road access and city water available. Purchase price is $45,000. What are my financing options? I would like a long term to keep my payments low before I build. Also, what kind of downpayments are required.
Thanks!
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| Posted by: loanuniverse Nov 22 2004, 10:08 PM |
Your options are limited by your resources. For something this small, I would go for the cheapest source of money available. It is my opinion that since all of the money is coming from the same pockets, it is not necessary to compartmentalize. This means that if you have a house a HELOC or home equity loan might be your easiest and cheapest source.
I really don’t know about a loan of this size. Normally when dealing with developers, the bank lenders are looking at a much shorter time period {24 months tops}, and a 35% to 50% down payment.
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