Share this post  Submit to FacebookSubmit to Google PlusSubmit
to TwitterSubmit to LinkedIn  Maine is a rural, less populated
state and land is in big supply, under valued and low cost to
buy.  But bank loans for Maine land mortgages require larger
down payments. In the thirty five to forty percent down
paymentMaine Owner Financed Land range unless there is a
structure, improvements on the property.  Something substantial
enough for a dwelling so the Maine bank can find another lower
down payment required loan program to slide the land loan in to
change the terms.  Maine land loans through a banking, lending
institution also come with higher interest rates than standard
garden variety home mortgages. Why?  Because banks like to make
loans that are packaged to sell on the secondary mortgage
market. That's how the borrower, consumer gets the lowest home
loan bank rate.  But with land, because the mortgage is not
sold, but retained, the Maine bank is going to make it worth
their while to "hang on to the loan". U