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        financing lot purchase Sign In/Join 
        posted
        I am looking for suggestions on lenders for purchasing land. I live in Calif. but want to purchase a lot in AZ to build a house a couple of years down the road. The lot is fully developed, ready to build. Credit unions seem like the best bet, but they seem to all be local. Being out of state that does not seem like it would work. I would like to find someone who would finance 60% to 70% of LTV since this is a short sale for a fraction of the appraised value. Any suggestions would be appreciated.
         
        Posts: 51 | Location: Southern California | Registered: May 30, 2006Reply With QuoteReport This Post
        Picture of Jaybee
        posted Hide Post
        I would not discount the credit unions so fast. You may want to join one in AZ and go for a local to the land CU. If you really are purchasing for below a realistic value for the land and if you have good credit, I bet it would work.


        Jaybee
         
        Posts: 10102 | Location: Knoxville, Tennessee | Registered: Sep 27, 2003Reply With QuoteReport This Post
        posted Hide Post
        AZ lenders are still skiddish after the crash. I doubt a credit union will finance a lot. I would check with Chase or Wells Fargo. With enough down and a strong appraisal, it may work.
         
        Posts: 2484 | Registered: Apr 11, 2005Reply With QuoteReport This Post
        posted Hide Post
        That is the approach I was hoping to take but all of the credit unions I have found in AZ require a AZ drivers license to join. I have queried a couple to see if they have an affiliation with a credit union in Calif. to allow me to make use of there loan programs by means of the affiliation. I have no feed back yet from those queries so I am trying to figure out what other alternatives i have to purchase the lot.
         
        Posts: 51 | Location: Southern California | Registered: May 30, 2006Reply With QuoteReport This Post
        posted Hide Post
        Have you actually called a credit union to see if they finance lots only? I would be very surprised if they do. Especially in AZ
         
        Posts: 2484 | Registered: Apr 11, 2005Reply With QuoteReport This Post
        Picture of Jaybee
        posted Hide Post
        Different circumstances but when I purchased the lot that now contains my house I financed it through my credit union. The only thing they wouldn't do is carry the construction loan paper so I went elsewhere for construction money and then rolled it back into a mortgage from the CU.


        Jaybee
         
        Posts: 10102 | Location: Knoxville, Tennessee | Registered: Sep 27, 2003Reply With QuoteReport This Post
        posted Hide Post
        Fortunately I found that there is a credit union I can join that is offering land financing at 70% of LTV. If this works out I should be in good shape. I appreciate all of the advice.
         
        Posts: 51 | Location: Southern California | Registered: May 30, 2006Reply With QuoteReport This Post
        posted Hide Post
        I had gone through the post, What are the rules of credit union and present interest rates ? Could you please produce some more attachments about the topic for view detail information.

        financing land
        land financing
         
        Posts: 4 | Registered: Oct 12, 2012Reply With QuoteReport This Post
        posted Hide Post
        There are local credit union and mortgage loans that can finance your needs, however they are mostly looking for good and outstanding credits of every clients. If you have saving, why not build prefab house instead, they are cheap, they are made from hard and reinforce fiberglass materials with one coat stucco finish, or you can also get real wood but it will cost you more for that.
         
        Posts: 1 | Location: USA | Registered: May 03, 2013Reply With QuoteReport This Post
        Picture of Jaybee
        posted Hide Post
        This one gets the award for the most obscure spam tie-in yet.

        Makes me want to run right down to my local credit union so I can order a pre-fab stucco house.


        Jaybee
         
        Posts: 10102 | Location: Knoxville, Tennessee | Registered: Sep 27, 2003Reply With QuoteReport This Post
        posted Hide Post
        I would not recommend buying land that you don't intend to build on more than 6 months out. People's plans change and raw land is very difficult to sell should your plans change.

        When you get closer to building you could tap a home equity loan to purchase the land. Then when you build, sell and move your lot loan would be paid off with proceeds from your home sale.


        General Disclaimer

        Any advice given here is general in nature and is not necessarily valid for your given area. If in doubt check with your local codes enforcement department for what is required when doing electrical, plumbing or structural work on your house. Permits may or may not be required in your area and home owners may not be able to DIY some tasks. I have no way of knowing if you have the skills needed to complete the tasks you are asking about, when in doubt seek professional assistance.

        My advice may be worth exactly what you pay me for it. :-) For the record I did not stay in a Holiday Inn Express last night.
         
        Posts: 609 | Location: Cary, NC | Registered: Aug 17, 2006Reply With QuoteReport This Post
        Picture of GardenSprite
        posted Hide Post
        [QUOTE]Originally posted by Jaybee:
        This one gets the award for the most obscure spam tie-in yet.

        QUOTE]

        Not to mention that Emmanual Paul doesn't even understand the current financial market. Maybe he was too busy spamming during the recession to notice that there was one.
         
        Posts: 1733 | Registered: Oct 06, 2006Reply With QuoteReport This Post
        Picture of Frodo
        posted Hide Post
        quote:
        Originally posted by Frodo:
        quote:
        Originally posted by GardenSprite:
        [QUOTE]Originally posted by Jaybee:
        This one gets the award for the most obscure spam tie-in yet.

        QUOTE]


        what a ma-roon!!!!


        https://www.youtube.com/*****?v=vn7bkncf1_E
         
        Posts: 3843 | Location: I live in southern mississippi | Registered: Jun 01, 2008Reply With QuoteReport This Post
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