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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.
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.
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.
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?
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?
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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