if it's possible, it'll be amusing
I'm going to try something that, if possible, will be nothing short of comical.
Being that the lenders ticked me off with the figures they laid out for me concerning the projected monthly mortgage payment, I've been looking at purchasing a parcel of land instead. There's an area that has .25-acre to .35-acre lots ranging in price between eight to fifteen thousand dollars. I could probably get one for six thousand, sit on it and develop it later on (with "develop" meaning "to clear for a home to be built").
I started to wonder if it's possible to get a 30-year fixed mortgage on a parcel of land that's only $10,000.
Sounds comical, doesn't it?
If this is possible, the mortgage payment would be between 55 to 75 bucks a month, plus town taxes every year.
If the purchase price was $6000, the monthly mortgage payment would probably be under 40 bucks.
I'm quite certain the answer to this will be that it isn't possible, because there's probably a minimum amount all lenders require in order to get a 30-year loan.
But I'm a-gonna try. 🙂
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