Land Loan on Paid Off Property

Author Message
Icon Mini Profile gbsg01

Joined: 12 Jun 2009

Posts: 1

1.26 Dollars($)
Post Posted: Fri Jun 12, 2009 10:33 pm    Post subject: Land Loan on Paid Off Property

Hi, I have a mobile home on 5 acres that is paid off.... no mortgage. What kind of loan would I be looking for to get a home equity or 2nd mortgage on this property that is already paid off?
Icon Mini Profile JKennedySLG
Community Expert
Community Expert

best lender badge

Joined: 01 Apr 2009

Posts: 408
Location: New Jersey/New York
20.06 Dollars($)
Post Posted: Sat Jun 13, 2009 10:33 pm    Post subject:

Unless a local lender is willing to lend on the land, you will be looking at a private lender rates and fees. With that said, you're facing 12-16% rates and 3-5 points in fees. I hope this helps...
James Kennedy
New York/New Jersey

Hard Money & Stated Income Loans
First Time Home Buyers (540+ Credit)
All times are GMT - 7 Hours
Page 1 of 1


Page loaded in 0.499 seconds.