Anyone have this problem?
The bank says you want a loan for 250K sure no problem. The house appraises for more than the loan value. But then the hammer drops, the land appraised equal to the house value which exceeds 35% therefor no loan or I can do a land loan of 15% down and a 1yr ARM.
Obviously this is not going to work.
So now I am left wondering.... will I run into this problem at all banks or just this one. No one has discussed the 35% land to house value before. I more or less understand the banks point, but doesnt mean I want to go their way.....
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