Bank loan help??!? :)?I found a piece of land in Winder, GA that i would like to purchase. The house is old and needs a lot of work, but the land is just what i want. It is 20 acres. I asked Wells Fargo for a loan and they told me that it was not wise for them to loan on this property because the house is in bad condition, and they will... | |
Whom ever you spoke to misunderstood your goal. They provide loans for this type of property but merely may have different lending guidelines than you are used to, or expected to find. If you have good credit, a good debt to income ratio and 20% down, you can get the loan. I think your loan officer needs to explain your present debt to income ratio to show you the most you can afford to borrow. Give Wells Fargo another call.
The bank views this property as primarily a land purchase. Banks are NOT funding mortgage loans for land.
Best wishes and good luck.
