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land purchase (in established subdivision)

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Anonymous
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land purchase (in established subdivision)

I can't find much information on land purchases.  I was wondering is the process the same for land (i.e. pre-approval of loan, gfe, tax credits, etc..) as it is for a house?  Any help is GREATLY appreciated.   Thanks
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Anonymous
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Re: land purchase (in established subdivision)

I am by far from an expert, but we purchased land 2 1/2 years ago.  They required 20% down and think they required a FICO of 620...we had an additional $150 in loan fees, which my lawer told me that this amount was very low considering the loan.  My fees for title search and other legal fees was $0 - my lawer is a close relative.

We recieve a 1098 on it but I have never attempted to file it as it still wouldn't warrant me to itemize, but I could be missing some tax benefits I don't know about.

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