Lot
Loans & Land Loans Are No Longer Available w/
AAXA.
AAXA is no longer offering lot loan programs due
to current market conditions. Most of our investors
have discontinued their programs due to there being
little appetite for these loans in the secondary marketplace.
Basically, there are little to no buyers for these
types of mortgages. This fact leaves buyers and land
owners with a couple of options.
Best Solutions for Financing Lot Loans and Land
Loans:
-
You may want to consider doing a cash-out refinance
or equity line of credit on your primary residence
to finance the lot. If this option is economically
feasible, you may end up with a lower rate and
payments, and an extended payment term than you
could not get with a traditional lot or land loan.
-
Speak with your local bank or credit union.
Some local lenders still offer lot loan financing
because they will portfolio the loan. Meaning
they keep the loan themselves and do not have
to sell it. You may be able to negotiate a good
rate as well because these banks and credit unions
are very interested in your deposit accounts (checking
and savings).
Sorry we could not further assist you with a traditional
lot loan or land loan. If you would like to discuss
doing a cash-out refinance or obtaining a home equity
loan on your primary residence to finance your lot,
give us a call - 877-728-3569.