No There were some companies like Miles Homes that offered some raw land financing as part of what is essentially construction financing, which is usually only available to licensed contractors, or home builders with a track record of successfully building homes that receive "C of O's" in a timely fashion. That was when there was lot's of loan money around probably not now. You could check into it though.
Some will and some will not. Start calling,and if you find one that will you must have excellent credit and the land must be appraised at or above the asking price and they will,in most cases, want 10-20% down.
Your interest rate will not be the same as it would be on a home, and you will have to put down a larger down payment.
No comments:
Post a Comment