Buying vacant land is different than buying a residential property. Financing a vacant land purchase is different as well. We recommend contacting a lender that specializes in vacant land financing and they will be able to give your specific information regarding down payment requirements.
Land loans typically require a larger down payment than traditional mortgages, often as much as 20% to 30% of the asking price. If you are purchasing raw land, the preferred down payment can be as much as 30% to 50% of the total cost.
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