I have found a piece of property that I want to buy but I don't have a down payment. I was told that I had to have 30% down to buy land. Is there another way to go about this?
211537
You are refering to financing known as a Lot Loan.  LTV's on lots can go as high up as 80-85%.  A very common loan on a lot is a 3 year balloon.\n\nA way to get higher LTV's on property alone is to find out which banks will allow for seller held second mortgages.  Some banks will be more lenient then otheres.
366047
Did you have an appraisal done when you purchased the home? The value of the land should be listed in the original appraisal. Or you might find the land value listed on your property tax bill as they usually list the land and home seperately. \n\nwww.new-orleans.la.us/home/
15888
As little as possible is often the most popular idea. However, it is wise to put down enough to make sure the property income will service the debt payments and taxes. You don't want to be paying out of pocket evey month unless you really need the loss for tax purposes. \n\nMost banks or savings and loans will require between 20 and 30 percent down payment in the US. The lenders are looking for the property to break-even or have some positive cash flow based on their projections income and expenses. The appraiser is often asked to make these estimates. However, I have purchased investment property with nothing but closing costs out of pocket using hard money lenders. I've even borrowed more than the purchase price when the appraised value was much higher than the purchase price. I have also run across some credit unions that loaned 100% for borrowers who had a good track record with the credit union. It's all in the deal.
600306
I would be interested but im pretty sure that even though that you have the deed to the property doesnt the government have to make the final determination of whom can buy there.\nI remember something to that nature my ex saying.
656037
here is a link for a calculator\nhttp://mortgages.interest.com/content/calculators/discount.asp\n\nit depends on how long you want to keep the property. \nlet's say for $500,000 loan @ 6.5% your interest payment is $2708.. if you want to "buy it down" to 6.00% and pay 1 point.. then, your interest payment @6% would be $2500... and it would cost you $5,000... it means it will take you 5000/(2708-2500)= 24 months to recoup the point.. so, paying this points will make sense if you will keep the loan for 24+ months
215059
no money down loan will cost more money in the long run since you will pay more interest plus you will not be able to cancel you PMI 'private mortgage insurance' until you reach 20% equity in the home.  if you buy in a 'hot' area you might want to get an appraisal after a certain number of years and if you have gained enough equity in the home you can cancel the PMI, but you'll have to pay for the appraisal from out-of-pocket.  the only good thing is that you wont need the tipical 3-5 % down payment usually required to buy a home.  check the closing cost associated with the no money down also.  always shop around.  good luck.
525305
Depends on the state you are in. Check with your bank first. They might be willing to do it. Most lenders won't want to mess with that. A land/home package would be better and get you a better interest rate.
380074
In England, no.  You don't actually own the land, you have a freehold which is an entitlement to enjoy it free of rent.  You can build on the land subject to planning laws, making use of the ground under your land and the space above it appropriate to the building.  Apart from that, the air above and ground beneath are not part of your freehold.
313299
Some closing costs are set fees based on actual charges by third parties (appraisal, title work, survey, etc.).\n\nOther closing costs are lender fees.  This can vary from a few hundred dollars, to a few thousand.  You can get screwed here.  Watch the broker, processing, underwriting, origination, discount fees - or any other fee that sounds like it is paid to the lender.\n\nLenders consider if you have enough money for the down payment and closing costs.  The fees should not increase simply because you have money to pay them.\n\nAsk a couple other lenders for Good Faith Estimates.  They should be able to provide this without pulling your credit.  Then you could compare both the rate and fees.
195397
I think most of the no money down, subject to, and lease option stuff is crap.  Perhaps after you have gained experience you can get deals no money down.  I lived in a college town also and saw the same thing happening in my town.  Rentals were everywhere.  I got started in real estate as a birddog.  I made $500 finding leads for an investor.  $10/ per lead he didn't have to close for me to be compensated.  There are only so many investment opportunities in one market though, so now after much debate I am becoming a realtor. Then I plan on being a commercial broker and THEN an investor. It is gonna take a while. I really think that you need the money/ experience/ connections/knowledge before getting into such a heavy endeavor with such thick legal implications and even scarier liabilities/consequences. If you don't know what you are doing you can get hauled off to jail for 3rd degree felonies with that no money down garbage.  Besides that most single family homes make next to no cashflow, especially with the way interest rates are going up. HARD WORK HARD WORK HARD WORK!
152542
YOU CAN GO ON DUN AND BRADSTREET'S WEB SITE AND THEIR RATE ALL BUSINESSES.  BUT, BEFORE YOU BUY RIGHT OUT, IF YOU QUALIFY FOR A MORTAGE FROM THEM, THEN YOU CAN QUALIFY ANYWHERE.  CHECK WITH YOUR CITY OFFICE AND SEE IF THEY HAVE PROGRAMS.  IN COLUMBUS, OHIO THEY HAVE A PROGRAM WHERE THEY PAY THE DOWNPAYMENT AND ALREADY HAVE LENDERS THEY WORK WITH.  ALSO CHECK FOR FORECLOSURES, HUD, AND AUCTIONS.  YOU MAY GET A BETTER DEAL.  ALSO GO ONLINE AND SEE WHAT OFFERS YOU GET.  IF YOU FEEL WORRIED ENOUGH TO ASK ABOUT THEM, MAYBE YOU SHOULD LOOK FOR ANOTHER LENDER.\n\nJJ
21068
More than likely you will obtain a conventional loan where you desire to purchase. This will be a new mortgage.\n\nYou may want to pre-qualify with a lender of your choice and be given the mutiple of options.\n\nMore than likely the loan will be secured by the property itself.\n\nBest to you
255738
-owning the lot, paid for is like having 30,000 in a savings account--it is an asset you own..if you need 200 K for a mortgage, then you must be able to qualify for a mtg of that amt.--owning the land does not reduce the amt needed to build the house-- remember, the most important thing is to be able to qualify for a mtg of $ 200 K by having good credit, other assets, like savings or stocks or bonds and are you building the home yourself-will it be worth 100K more than your cost to build it?? that will be help-full-- since it will give you 100 K equity in the home and make a 200 K mtg easier to obtain if you have 100K equity in the home- talk to a mtg broker or a savings & loan in your area to get some answers !! good luck to you..
595956
You can always go up, but you can never go down......\nIf you want it for 100k, start at 90k\nUnless you are in a hurry to buy a place, take your time, and remember, there are plenty of houses to choose from
361601
I assume you have done a financial review of your situation to ensure you can afford the payments on this? It's important not only to look at the specifics of the mortgage itself (rate, term, etc) but, also how it works within the framework of your overall situation.\n\nIt's ALWAYS a good idea to shop around with different mortage providers including reputable mortage brokers and try and get the best deal on a mortgage you can. Keep in mind, not all providers and mortgages are created equal. Make sure of what is expected of you when taking out the mortgage and what you will be provided in the way of service and features. Make sure the mortgage is right for you.\n\nAfter having said all this, your purchase is 100% financed by a third-party institution with no down payment of your own. This means you are going to pay more interest in the long run. If it is possible, try and make a down payment to shrink the mortgage somewhat. Yes, rates are traditionally low however, no need to take out more mortgage than is required.\n\nFrom a credit perspective, make sure you make your payments on time and you will establish a good credit rating (or improve the rating you currently have).\n\nCongratulations on the purchase! I hope all works out well for you.
472115
It's not entirely impossible. How's your credit? Have you or your spouse been working at a job for 2 years or more? With paying rent, can you provide rental verification? Have you ever claimed bankruptcy, if so how long ago? There are a lot of houses for sale with the owner offering to pay towards closing costs. And if you have good enough credit, you may be able to come into the loan without a down payment and also have the luxury of the seller contributions. Depending on the house you're interested in. There are a lot of questions behind that question, you just have to get started on the pre-qual process and then find out from there.
155876
It is possible to own property in many countries. Best thing to do is find a real estate attorney in the country where you want to buy this house. It will cost you alittle bit more, but you will know that you are following the rules.