LOT PURCHASE

Developed area only: The land only mortgage process starts once the land purchase contract is sent to the title company (escribania.)

Full documentation loan: Income verification by 2 years, W2 and paycheck stubs or tax returns.

Net worth requirements: Each buyer’s net worth should be no less than twice of the loan amount requested.

60% Loan To Value: 60% of the appraised future value is available.

Amortization: 20, 25, and 30 years amortization. Fixed interest rate.

Multiple borrowers/ Individual qualification: No limit on the number of buyers. Each borrower needs to qualify for the entire mortgage as if they were the only buyer.