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Land only loan... can I qualify for it?


piionline
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I am currently interested in a land only loan. its 33 acers for $95,000.

I currently have a VA loan on my home and my household income is minimum 87k per year and max 100k (dependant upon bonus's company car etc.)

House 1170 pmonth @98% appriased value

3 Car payments 710

1 credit card payment 313 (1.99% apr till paid off, 1.5% min payment)

student loan 200

Gross income per month is $7000 min.

This puts me at 35% debt to income...

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Land loans are difficult to obtain. Most lenders will finance the purchase of land, but also want to finance construction of a residence at the same time. They will also require a down payment of an amount ranging from 5% to 30%. That will be determined by credit, and other factors.

What state are you in? Do you bank with a large bank or a small hometown operation? What is your credit like?

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