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We can think of several situations that will eliminate conventional financing as an option to buy a lot. Some are based upon your own situation and some on the property. Here’s a quick checklist:

 If your credit score is below 640 (see Chapter 10)

 If you’ve been late on your mortgage in the last 12 months

 If you’re unemployed

 If you have no down payment

 If the property has existing buildings on it

 If the property is more than 50 acres (some banks allow only 20 acres)

 If the property has no electricity nearby

 If the property has no public access

 If the property has multiple parcels (some banks allow two)

If your property or qualifications fall into one of these categories, don’t panic just yet. Other lending alternatives are available. Some may cost more money and be more restrictive than conventional lending, but they may be better than the thought of abandoning your project.