Land loans work differently than a traditional home loan. If you're thinking of buying land you want to know what type of down payment, credit score and debt to income ratio you need. As well as interest rates for land loans. And what if you plan to get a construction loan as well? We get into all of this and more. Monica McCarthy, Realtor in Salida, Colorado talks with Jess Fisher, Mortgage Broker in Salida, Colorado all about land loans.
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Looking to buy or sell a home in Chaffee County, Colorado (Salida, Buena Vista, Nathrop, Poncha Springs) area?
📧: MonicaSellsSalida@gmail.com
📞: 719-626-1501
Visit: www.MonicaSellsSalida.com
Monica McCarthy is a Realtor with HomeSmart Preferred Realty in Salida, CO.
Jess Fisher is a Mortgage Broker with Peakview Mortgage in Salida, CO
📧:jess@peakviewmortgage.com
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Chapters for your convenience:
00:00 Introduction
01:28 How a land loan is different than a home loan
03:46 Debt to income for buyers
05:01 Construction loans
07:35 Closing timing for construction loans
10:38 Land considerations
12:03 Land loan rates
13:02 Final words
Buying Land in Colorado| How a Land Loan Works
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