Is it hard to get a land loan??

land loans are avalible today. find a good lender that can find you several options!

here is a good Direct lending source for you below. The articles are very helpful for borrowers.

Land loans are available. They aren't as available as say a loan for a single family residence but they are available.

In general, a wider array of vacant land loan programs are available if your intention is to purchase the land now (less than 10 acres) and build a home that will be your primary residence within 5 years. For these type purchases, you may opt for a 1,2, 3 or 5 year balloon mortgage. Your payment will commonly be fixed and based on a 30 year amortization but any unpaid balance is due as a lump sum at the end of the 1, 2, 3 or 5 year period hence the term balloon. Longer term balloon mortgages such as 7 years are out there but aren't nearly as common as the 1, 2, 3 and 5 year balloons. With all balloons, you either build your home and convert the land loan into a permanent mortgage before the balloon is due, sell the property, refinance the loan or pay the balloon. People generally don't have cash on hand to pay a balloon, refinancing a land loan is more difficult that financing a purchase and selling the lot generally takes longer than a home and may not be a pleasant experience if prices have fallen since you orginally closed on it. For these reasons, think long and hard before opting for a balloon mortgage on vacant land.

1,3 and 5 year adjustable rate mortgages (ARM) are also available. For the ARM's, your payment will commonly be based on a 30 year amortization and is fixed for the first 1, 3 or 5 years and adjusts annually each year thereafter for the remainder of the loans term (29, 27 or 25 years).

If your intention is to purchase and keep the land for a longer period of time, financing options begin to thin out. Avoid the balloons in this case because refinancing a land loan is not as easy as financing the purchase of vacant land. Cash out refinancing of vacant land is especially difficult.

Anyway, if you want to hold the land for a longer period, stick with the ARM's or consider a fixed rate land loan. Depending on location, fixed rates are available for vacant land and commonly come in 10, 20 and 30 year terms. Interest rates are significantly less for the 10 year fixed than 30 year fixed but the payments on a 10 year note can be high.

If you want to purchase a parcel larger than 10 acres, financing becomes less available. Sometimes the bank you have an established relationship with will make an exception for you. Once you are over 50 acres, you need to be checking with banks that specialize in acreage.

If you are interested in purchasing vacant land in Florida, check out this page on vacant land financing:

http://www.atlanticeloan.com/pages/vacan...

Good Luck,
Charlie Camp
Atlantic Mortgage
(800) 373-3130
http://www.atlanticeloan.com/default.asp...

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