What type of loan can you use to buy land?
If you are looking to buy a house and land package, you will need both a construction loan – or regular home loan – and a land-only mortgage. If you are only buying land, then a land-only mortgage could be the more suitable option.
Do we get loan to buy land?
So, if you are looking to buy a plot, you may not be eligible for a home loan, but for a land loan. Home loans are available only for the property already constructed, under construction or likely to undergo construction soon. For funding the purchase of a vacant plot, you will have to go for a land loan instead.
Can you buy land with no money down?
You can buy land with no money down. … To take out a land loan without putting any money down, participate in a loan program that provides 100 percent financing, or negotiate terms with your seller or lender that replaces or eliminates the down payment.