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Hi Community,
Believe it or not - I might get a land loan in HPP! It's not for sure yet - been working it for 2 months now. I'm under contract. We'll see if the lender will allow me move forward - I think they will. I must say, having gone through this process, I think the country/economy is in trouble. Lenders are not lending - unless you got lots of cash and no debt and excellent credit. Funny thing is they require 30-45% down but charge loan origination fees based on original loan amount before required down payment. Gimme a break!!
Wish me luck, I'm in underwriting. I hope to be a new HPP neighbor in the not to distant future.
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Didn't think you could get a loan on unimproved land......
Puna: Our roosters crow first
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We had a loan pre qual before we found one lot so cheap, we could pay for it. I forget the lender, but that was in Feb of this year. I had to make a lot of calls...
Life goes on, with you or without you.
Peace and long life
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quote:
Originally posted by EightFingers
Didn't think you could get a loan on unimproved land......
Not every lender will do it, and the ones that do tend to require pretty stringent down payments and credit scores, but it can be done.
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Each day we move a little further... I'm in good hands... In this particular transaction, I have felt very well represented by the principals. By that I mean, I truly feel like my representatives have my best interest in mind.
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Wishing you the best of luck.
I agree with you about the loans. We had exceptional credit scores and put 75% down and they charged us outrageous loan fees. Awful what is going on with loans right now. they have all the money and power and they are being real strict about who can borrow. When they lend they charge such high loat origination fees it is really netting them big profits.
Good luck with your purchase. I love living in our place in HPP.
hawaiideborah
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They actually don't have your best interests in mind, they just believe you are likely to pass the paperwork requirements so they will be able to close the loan and get their commissions. Read all the fine print, check all their terms, spelling, etc., and make sure everything is in writing, even if they say it is the way you want the document to be, read the thing anyway and make sure it is actually written that way. It is an important document and can screw up your life beyond belief if it isn't done right. You'd be amazed at how often mortgage documents are written differently from how the folks say they are written.
"I like yard sales," he said. "All true survivalists like yard sales."
Kurt Wilson
"I like yard sales," he said. "All true survivalists like yard sales."
Kurt Wilson
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quote:
Originally posted by Hotzcatz
They actually don't have your best interests in mind, they just believe you are likely to pass the paperwork requirements so they will be able to close the loan and get their commissions...
In the end, I think you nailed it on the head Hotzcatz. As the transaction proceeded it became more and more clear that those that are supposed to represent me really don't give a crap. It's all about completing the transaction - at the highest possible contract price! I hate the whole real estate process. The post 2008 housing meltdown reform to further legally separate the appraisers from the realtors/lenders is a good move. I think the next step is to disassociate the buyers realtor from a fixed commission of the final contract price. As it stands, it's a disincentive for the buyers agent to actually serve the buyer. At this point I'm looking forward to all this being behind me, I'm tired of dealing with these people.
On a happier note, it's pretty much a done deal. I'm very happy in the fact I'm going to have my own little slice of paradise in HPP. [
]
HPP a special place for sure. I'll be a good a steward of the land. I'm looking forward to meeting my neighbors and being part of the community. It will be at least a year or two until I can live there full time - I'll get over as much as possible in the meantime. Airfares these days don't help.
I appreciate all the best wishes and advice you've all given to me thus far.
Cheers!
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Owner financing is always an option if, your current loan doesn't go through. That's what I did. then 6 years later, the loan was paid in full, no mortgage. Clear title..
Dean Mason property owner/ Bob Riley/Broker
We built a small home, less than 600 sq.ft and our property tax is only $25.00 year
Here are some cool ideas for
alternative housing too. Good luck!
http://www.survival-spot.com/survival-bl...ing-ideas/
A good start to understanding what you'll need to know about
water catchments:
https://docs.google.com/viewerurl=http://www.ctahr.hawaii.edu/oc/freepubs/pdf/RM-12.pdf&pli=1
Here is a renewable energy site that will let everyone have a better understanding on how to set up solar from start to finish.
http://rimstar.org/renewnrg/
