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Vacant Land
No Housing Structures / No Slabs etc.
Purchase only
Land Appraisal
60 days seasoned assets
Full Doc, Bank Statement or P&L … only one year income required
240 months term
660 min. score
65 LTV
Trans Union single repository credit report
Allows a non-occupying co-borrower
$100K min. loan amount
$154K min. purchase price
$825K max. loan amount
No Prepayments
No Insurance
No gift funds
No reserves
Gift of Equity allowed … case by case
- Direct family member
- 100% of the down payment in a gift of equity but needs 100% of the closing costs
- Employed over two full years
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This discussion was modified 1 year ago by
Felix.
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3 Replies
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This product is extremely stringent to their guideline
There are NO exceptions or variances.
Due to this product being considered Non-QM O/O, it falls into State Restrictions, TRID and High Cost guidelines!
This particular product is a portfolio product that requires a board to review due to the nature of this product, which may cause delays in turn time -
Thank you Felix for the post about financing terms for vacant land!! Yes we do have financing for vacant land!! If you have ever tried to get a loan for vacant land in the past you know it has been next to impossible. For years I would get calls on financing vacant land and could only do it if it was an investment property. Having financing now available is a game changer! If you are trying to sell your vacant land you can let your buyers know we can help with financing . Check out the article below for some pointers. https://onesolutionrealestate.com/uncovering-the-reasons-why-is-my-land-not-selling-despite-being-listed-for-sale/
onesolutionrealestate.com
Uncovering the Reasons: Why Is My Land Not Selling Despite Being Listed for Sale?
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Great article, Ronda. There are many creative ways of doing ground-up construction on vacant land. The end buyer can do ground-up construction with an experienced builder by setting up an LLC partnership and taking buying the builder out. We can now do 100% loan-to-value on ground up construction on both the acquisition and land. That is 100% loan-to-value with no money out of pocket. You need to have built three to four ground up new construction homes and needs to have an after completed loan to cost and loan to-value of 65%. We can make an exception up to 70% loan-to-cost and loan-to-value for experienced home builders. Contact Ronda Butts at ronda@gustancho.com.