Land Loan on Paid Off Property

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Icon Mini Profile gbsg01





Joined: 12 Jun 2009

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Post Posted: Fri Jun 12, 2009 10:33 pm    Post subject: Land Loan on Paid Off Property
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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
JKennedySLG
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Joined: 01 Apr 2009

Posts: 408
Location: New Jersey/New York
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Post Posted: Sat Jun 13, 2009 10:33 pm    Post subject:
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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...
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James Kennedy
New York/New Jersey
(732)979-7409

Hard Money & Stated Income Loans
First Time Home Buyers (540+ Credit)
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