Guys that have bought land what are the stipulations in doing so. I heard you have to have at least 50% down to purchase land? Is that true? Im looking into possibly buying an acre or 2. Any help and id appreciate it.

 

me and my wife have thought about buying land. we were planing on putting a equity line on the house then you wont need anything down if you dont want to put anything down. most banks will let you do 100% on you house.

 

I'd say it is different in each state and probably bank by bank even.

I bought my land with my house, I was lucky enough my dad let me use his house as collateral too, so we didnt have to have a down payment at all. We only had to finance about 1/4 of what the two houses were worth.

 

Thats what we were going to do too soon as we find some land that we want to build on.

 

I think you will find every situation is different but as a general rule most lenders don't like to loan on bare ground. If the loan were to go into default it could take a long time to move the property. Cash or 100% secured loan is what most lenders want. If that is what you are looking for.

 

See if you can get a land contract first from whom is selling the land. I bought mine many years ago with 10% down and so much per month for 5 years. I then built a house on it and its all paid for no mortage. Land contract is the owner holds the deed and sets a smaller interest rate mine was 2% for 5 years...great deal.