Great question and good video topic! Land loans are riskier due to the resell. Lenders look at everything in worse case, they have to take the property back. Undeveloped land is harder for them to off load. That is also why you see so few land lenders. Hope that helps and let me know if I can do anything else for you.
That depends on several factors. Can you email me at thart@vandykmortgage.com need to know your credit score, state you’re buying in, sales price and occupancy type. Thanks for watching!
Hey Tim I'm looking at Lots in California in the Inland Empire. Specifically the cities of Menifee, Wildomar, and Lake Elsinore. Can I use the lot as my primary residence with a mobile home on it and qualify for 25% down or must it but a actual constructed home? I'm looking to live in the mobile home while I save for construction on a actual home.
@@TimHartLoanOfficer The lot is currently classified as "unimproved land" it was water, electricity, a road, but no sewage. It's right next to a ton of new developments but no sewage yet. Also, it is currently empty with no mobile home on it. Would the mobile have to be of a certain construction year?
@@nicksiamashvili5711 yes we can help North Carolina. Send me an email at thart@vandykmortgage.com or text/call my cell at 239-910-5668. Happy to help!
Thanks for watching! Rates are usually going to be higher and the terms are adjustable. Estimated rates for land at this time would be somewhere in the high 7% range. Depends on credit, down payment etc. email me at thart@vandykmortgage.com or call my office 229-437-4278 if you want to talk further. Thanks!
Thanks for watching! 35% down payment for investment and 25% for a primary. Those are the lowest down payment options we have. Let me know if I can help
UPDATE: Min loan amount is $50k
I’m glad this came across my Timeline
Awesome! Do you need any help?
Where would you most like to own some land? On the water? Private? Acreage?
Why do lenders consider land loans more risky than home loans you cant really damage land you cant run off with it seems pretty low risk
Great question and good video topic! Land loans are riskier due to the resell. Lenders look at everything in worse case, they have to take the property back. Undeveloped land is harder for them to off load. That is also why you see so few land lenders. Hope that helps and let me know if I can do anything else for you.
Land usually Dont cash flow
Need a loan $100,000 how much down payment? And the interest rate would be?😊
That depends on several factors. Can you email me at thart@vandykmortgage.com need to know your credit score, state you’re buying in, sales price and occupancy type. Thanks for watching!
I found a buidable acre for 18k .. willing to put down 25% and pay it off in 2-3 years in FL.. why the 75k min .. ??
Thanks for watching! This is just our investors guidelines. What city are you looking in?
@@TimHartLoanOfficer what are the rough interest rates if you put the 25k down with over 750 credit?
Do you guys offer this in California
@@horaciojimenez1924 yes we do but the loan to value is 65%
Hey Tim I'm looking at Lots in California in the Inland Empire. Specifically the cities of Menifee, Wildomar, and Lake Elsinore. Can I use the lot as my primary residence with a mobile home on it and qualify for 25% down or must it but a actual constructed home? I'm looking to live in the mobile home while I save for construction on a actual home.
Hello Jesus! We would need to treat that as purchase including the mobile home. What year was built?
@@TimHartLoanOfficer The lot is currently classified as "unimproved land" it was water, electricity, a road, but no sewage. It's right next to a ton of new developments but no sewage yet. Also, it is currently empty with no mobile home on it. Would the mobile have to be of a certain construction year?
@@TimHartLoanOfficer in short I would be buying the mobile home and lot.
Do you offer anything in NC?
@@nicksiamashvili5711 yes we can help North Carolina. Send me an email at thart@vandykmortgage.com or text/call my cell at 239-910-5668. Happy to help!
Do you only cover Florida?
We can do other states. Where are you looking?
Forgot to talk about interest. How do they compare to residential loans?
Thanks for watching! Rates are usually going to be higher and the terms are adjustable. Estimated rates for land at this time would be somewhere in the high 7% range. Depends on credit, down payment etc. email me at thart@vandykmortgage.com or call my office 229-437-4278 if you want to talk further. Thanks!
Ouch 35?
Thanks for watching! 35% down payment for investment and 25% for a primary. Those are the lowest down payment options we have. Let me know if I can help