Whether you are purchasing land or a home, the first thing you need to do is determine what you can handle financially. Figure out your price range, what type of down payment you are able to afford, your monthly budget, and other purchasing charges.
Having a clear understanding of your finances – and where they may be years down the road – is very important to determining whether or not you are ready to purchase property.
Your credit score can affect your ability to get a loan through a traditional lender, but SRC Land offers seller-financed mortgages to make property ownership accessible, whether you have good credit, bad credit, or no credit.
A poor credit score can cost you more at the bank, but SRC Land can give you better rates, regardless.
In general, you should aim to have between 5% to 20% of the mortgage loan on hand for your downpayment.
Whether due to poor credit or a lack of available funds, there are many people who won’t qualify for a traditional mortgage from a bank. That’s where SRC Land comes in: we believe that everyone should have the opportunity to purchase property, whether or not they have good credit.
Owner financing is a great way for people who can’t access traditional loans to purchase land. Owner or seller financing involves the property owner directly providing a loan to the purchaser. Instead of going through a bank or another traditional lender, you can rely on SRC Land’s seller financing services to make your dream of owning land a reality.
If you are interested in purchasing land or property, you should be aware that loans for land can vary depending on the type of lot you’re buying. Oftentimes, land loans have a shorter term: instead of 30 years, they could last for a term as short as a few years. Additionally, down payments may be higher when purchasing land versus purchasing a home.
Make sure to speak with our land experts to learn more about our owner financing options for land purchases.
The size of the lot that you will need depends on your personal taste, finances, and, of course, the lot’s intended use. For instance, you may want to consider purchasing a larger plot if you are planning to develop a farm or other agricultural project, but you may only need a ½ acre lot if you’re looking for a place to build a home. In either case, our team can assist you in finding the right-sized property for your needs.
Escrow is essentially a type of savings account that your mortgage lender manages. Every time you pay your mortgage, a portion of those funds will go into an escrow account, which helps to cover estimated real estate taxes and insurance premiums.
The properties SRC Land sells have clear titles and are up-to-date on taxes. Our property experts work hard to ensure that every property purchased does not have any liens against it or any other issues that could lead to problems down the road.
Many of the properties we sell have utilities. Make sure to carefully read the descriptions provided on our website to determine whether utilities are available on each property. To learn more about zoning and land use, it is important to seek information from county authorities. Reach out to our team to learn about where to start.