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Thread: Residential Land Loan

  1. #1

    Default Residential Land Loan

    I'm trying to find a residential land loan with descent interest rate. The land is $80K and I only have half to put down.

    Any recommendations on bank for the loan? I usually use Alaska USA but their rates are 7.99%. I know real estate loans are higher than house loans but I would like to find a lower interest rate.

  2. #2
    Member dkwarthog's Avatar
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    Dec 2006
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    Mat-Su
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    Alot of banks wont lend you money on raw land. If you are a member, check with Mat Valley FCU. They have been good to me over the years when buying raw land.

  3. #3

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    We went through this recently, and it's definitely not an easy feat. You've put yourself in good position by having a large down payment. First National Bank AK is good to work with if you're planning on building on it. They might be able to work with you on a loan on the front end to purchase the property.

  4. #4

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    I am doing the same thing..sorta. I was thinkig of getting a loan against my 401K.

  5. #5
    Member logman 49's Avatar
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    Dec 2007
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    Just South of Moose Pass
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    353

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    If you have equity in your home often the best way to get money for a land purchase is a HELOC (home equity line of credit). Rates are usually low on this type of loan as well.

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