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Old 11-06-2018, 05:34 PM
 
27 posts, read 14,460 times
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I got a 5 percent conventional, but the seller has some additional acreage that he is selling separately. I would like to buy some of his acreage, but unfortunately the loan office won't give me a loan despite my debt to income ratio being low and my credit being in the 700's. They said they don't give out loans for land.

So my question is: Where would I have to go to get a loan for acreage? I'm not planning on building anything on the land. It's just that a lot of the acreage he is selling surrounds my house and I want to buy a couple of acres on each side.
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Old 11-06-2018, 06:36 PM
 
5,185 posts, read 680,174 times
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How much of a loan are you talking about?

Is it possible that that you could get the loan from the seller himself?
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Old 11-06-2018, 06:52 PM
 
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$20,000 for two acres.

I'm not sure.
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Old 11-06-2018, 07:46 PM
 
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Check with a local credit union. Your best bet, though, may be to see if the Seller is open to selling the land on a Land Contract. The good thing about Land Contracts is that the terms can be very flexible. The Seller might also be willing to convey title and take back a mortgage.
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Old 11-11-2018, 03:00 AM
 
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For 2 acres of bare land at that price per acre is not something mortgage lenders are going to lend on. As others have told you, this is something usually requiring owner financing.
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Old 11-11-2018, 03:38 AM
 
1,622 posts, read 894,141 times
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I was in a situation with a house on 1.02 acres, and aquired an adjacent 3.5 acres through the tax sale process. I sold the house before our suit for quiet title was settled, because the market was so hot, but I had spoken to the Assessor, and he stated they could fairly easily consolidate the two parcels into a single assessment. I ended up with title about six months later, and still wish I could have sold the house as one 4.5 acre parcel. People buy homes on double lots all the time...USDA Loan, perhaps?
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Old 11-11-2018, 01:18 PM
 
Location: Raleigh NC
7,930 posts, read 6,250,199 times
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seller financing is the way to go.
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Old 11-11-2018, 01:44 PM
 
Location: Salem, OR
13,764 posts, read 31,736,915 times
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Bank of America used to do land loans and I'm not sure if they still do. Most people pay cash or do seller financing on raw land.
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Old 11-14-2018, 07:13 PM
 
1,240 posts, read 1,485,093 times
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Quote:
Originally Posted by blue777 View Post
I got a 5 percent conventional, but the seller has some additional acreage that he is selling separately. I would like to buy some of his acreage, but unfortunately the loan office won't give me a loan despite my debt to income ratio being low and my credit being in the 700's. They said they don't give out loans for land.

So my question is: Where would I have to go to get a loan for acreage? I'm not planning on building anything on the land. It's just that a lot of the acreage he is selling surrounds my house and I want to buy a couple of acres on each side.
How much down are you putting on the main property/what kind of equity position will you be in? Reason I ask is: could you get a home equity loan on that main property, and use the money from the home equity loan to buy the extra land?
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Old 11-17-2018, 03:23 PM
 
2,774 posts, read 2,830,588 times
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Quote:
Originally Posted by blue777 View Post
$20,000 for two acres.

I'm not sure.

Is the two acres a buildable lot if sold seperately? Or is it only of value someone with an adjacent lot?
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