Читать книгу Building Your Custom Home For Dummies - Peter Economy - Страница 83

Most people finance their lot purchase through a local bank or private lender. A good mortgage broker can help you determine who has the best programs to meet your needs. Local banks generally have more conservative criteria for loaning on land because they’re heavily regulated. Large, publicly held lenders have the ability to offer creative and flexible loan programs because they mix the risk with other loans in their portfolio.

Some people wonder if you can purchase your lot with a construction loan. The problem is that your house plans must be ready and approved at the time of closing, and the seller must be willing to delay closing if your plans aren’t approved yet. If you find yourself in this unlikely scenario, talk to your loan officer to see if it’s possible.

Not all mortgage brokers have experience with land and construction loans, so be picky. Don’t trust a random online pick for this one; ask around to find the experts. Try to find a loan officer who has 100 or more loans of these types under their belt. The best way to test loan officers is to see if they ask you more questions than you ask them. If they simply try to sell you on one type of loan without inquiring about your needs, then look for someone else to help with your loan needs.