Posted by: Bonnie Phelps | June 15, 2018

Buy land with a LOAN??!!?

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“Buy land”, Mark Twain said, “they aren’t making any more of this stuff!”

After 18 years as a Realtor, I honestly don’t remember one time a client secured a loan for a purchase vacant land – until recently.  Vacant land had always been cash, or a rare, seller carry-back situation. Several clients have tried loan options, but I can’t think of any working out.

What a surprise when this new-to-me lender funded and closed!  The buyer actually had the contact for his lender.  I was very skeptical.  Vacant land, no well, no structures at all, nothing on the property but trees, a few deer and lots of birds.

Everything was so smooth for the transaction.  There were a few conditions that were surprisingly, very reasonable.  The lender was very responsive with frequent updates, so professional and a pleasure to deal with.

I can not keep him a secret and must share his contact info with all you!

Thinking of a re-fi? Give Matt a call.  Like to have a loan for a cabin, home or ranch anywhere in California, Oregon, Idaho and Washington? Matt is glad to assist.

Looking at vacant land? Here are the requirements:

25% cash down, 6 months reserves, Credit score of 680 or higher.  If no well, cert letter from a driller. No septic? perk test required.  If the land is off the grid, it would need 35% down.

Matt can get your questions answered for all things in the lending world:

Matt Towery, VP-California Regional Production Manager

951-400-2216   Email Matt    NMLS# 276667

And, I’m glad to get your questions answered for all things in the Real Estate world!

Let’s work together to make those dreams come true!

Thank you,

Bonnie Phelps

 

 


Responses

  1. good to know.


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