Financing a large land purchase?
by Mortgage Rates on Thursday, December 2nd, 2010 | 1 Comment
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Best to speak to your lending institution. In my State, banks lend what’s called a “development loan” on land…this is usually a shorter term loan for the land that is then rolled into a 30-year traditional once the land is built upon and residence taken. That doesn’t quite seem to be your situation though. You are correct that “expected income” isn’t considered when application for lending is made…only actual earned income is considered. You will also need to check with your wildlife commission about the hunting and make sure it’s zoned for that since it’s illegal to hunt in areas zoned as residential.