Land As Down Payment
Also known as Land-In-Lieu, this type of loan enables you to use equity in land you own in lieu of cash for your down payment. Up to 65% of your land's appraised value may be credited towards your required down payment, and no survey or permanent foundation is required. Fees, closing costs, and site improvements can be financed into your loan, reducing your out-of-pocket expenses. Also, Private Mortgage Insurance is not required. When you're all set, a one-time close at a title company keeps closing costs to a minimum.