You have multiple options when financing a vacant land purchase. When most people think of traditional financing, they think of a loan obtained through a national or community bank. These traditional options can be difficult to pursue, especially compared to the ease of financing at LandCentral.
When financing at a national bank, there often is a 50-percent down payment required, along with a minimum credit score of 680. Typically, buyers are encouraged to apply for an adjustable rate mortgage, with a built-in balloon payment due one year from the origination date. Sometimes the balloon payment can be in excess of 10 percent of the value of your vacant land, which is on top of the 50-percent down payment. This option also does not allow for a guaranteed interest rate. After going through all the work of applying for this loan, you still could be denied.
How would I go about Financing Vacant Land