I am looking for advise on how to get a loan for the purchase of 2.5 acres. I will be building a home on it within two years.

Thanks, Jim

Jim there are several good lenders for land purchase. I use fifth third bank here in TN for most of my deals. You do need to have excellent credit so make sure your file is very clean. The 5th 3rd wholesale product I use allows for up to 100% financing.

If you are looing for 100% financing the lender will want to be sure you are going to build an owner occupied property on it, and thier loans are on a 25 year term. For your benefit before you purchase the land you should have it perk tested to be sure that you can build on it.

TN Mort Broker is right about Fifth Third Bank. They do have a strong presence in land loans.

An alternative is probably a local Federal Credit Union. FCU's are local and have a bit more knowledge about the area they're financing. Some of them do offer very competitive rates.

Good Luck.

If you need help with financing I can help you put this together.. I have done many construction loans...

TN Mortgage... do you have a contact for 5th 3rd Bank? We've been trying to get a reliable one for awhile. I'd appreciate your help.

Thanks,

Promise land here is my rep's info. I dont know if he can lend in your state or not, but this is a good product for them

Fifth Thrid 5/3rd
Rick Trew
Phone# 615-306-0585
Fax- 615-867-7407

Hi,

If their suggestion does not work out, please give me a call. I specialize in Jumbo, Super Jumbo, Commercial and Construction loan. For all real estate brokers, I just charge a small flat fee in hopes of getting referrals.

Please contact me.

Christopher Kim
Lexington Mortgage/Lending
714-955-5500 ext.222
714-328-6956 cell

5/3 is one of the few 100% lot loans..

Aside from savings and loan and CU's..

I think you should talk to the builder if you have one already. They may be able to aquire the land for you. It is rare but it is possible.