Using Land As Down Payment

Your loan officer should be able to tell you what is required as your down payment. Often, using land that is free and clear as the down payment can cause problems. A diligent lender will then have to research and trace the land payoff transaction, which could cause a delay in your loan approval and the loan closing.

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Does this simply mean that if my land is valuable enough I simply use it as collateral and no longer require a down payment, or does this mean that an equity loan is taken out on the land and the money is used as a down payment, thus meaning I’d have the equity loan to pay on top of the mortgage?

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Many lenders will allow land – either owned or given as a gift – to be used as collateral instead of a cash down payment when obtaining financing to purchase a new home. Basics of land in lieu. Land equity is valuable, but does not work the same as cash.

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Residential Construction Loans California Usda New Construction Eligible USDA Loan Costs for New Construction. With a USDA construction loan, your lender is responsible for managing the disbursement of the loan proceeds to the homebuilder or contractor for costs associated with the home. loan costs that are covered by the USDA single-close loan include:Commercial Loans – California Home Loans and Real Estate. – California residential lot and land loans. We provide TWO types of lot / land financing in California: Consumer – Bank financing for the purchase of one land / lot parcel for construction of a primary or second home; we do not offer land / lot refinance loans at this time, nor do we offer "cash-out" (equity loans) on raw land.

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I don’t use real estate agents as they want 10 % commission on land that does not fit into the Fannie May/Freddie Mac guidelines.. I would suggest that before you build on the land. Land value, or equity in land, can be used as the equivalent of cash for a down payment when building a home.

How realistic is it to ask a conventional lender or private lender to use one property (a SFH owned free and clear), worth $75K, as collateral instead of a down payment (or maybe have a small down payment, but nothing close to 25%) for another property worth $130,000? Would lenders accept this arrangement?

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2. Planned Use of Land: Build Immediately, Improvements Needed, Speculative Investment The terms of the loans, such as down payment and interest rate, typically hinge on the intended use of the land,

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