Is it possible to get a 30 yr mortgage on vacant land (to eventually build on a few years from now)?
Written By: admin on June 18, 2009
2 Comments
We'd like to buy land but build later. Can we get a 30 year mortgage or do we have to build on it now in order to get a mortgage vs. just a loan?
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Theoretically possible but no. Most lenders will only make one- to five-year loans on vacant land.
If this were income producing farmland that would be different. Is is zoned agricultural? Do you have any Schedule F income?
Why would you want a long-term loan in the first place? In general (does not always work this way) you will get a lower interest rate on a small-term loan.
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