Is it more difficult to get a mortgage for land?

Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300

Yes, it is usually harder to get a land loan. It may be difficult and pricy to get a land loan for such a small amount, and it is likely you would be required to put more than 20% down. Most lenders do not do loans under a set amount. Find a lender that will do a small land loan and check out the pricing. You will probably find it is easier and cheaper to borrow against the equity in your current residence and then pay cash for the home. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300

getting a land loan is indeed hard ..there are not many mainstream lenders that have programs for this and most of the ones that exist are designed for the purchase of a buidable lot in a subdivision that is ready for building ....these are short terms loans ( 1-2 yrs) ...a long term lot / land loan will be hard to locate ....if you have ample equity in your CO home - maybe consider getting a 100K heloc in place that you can use to buy the land when you locate it