Land Loan Question????

[eparker]

Will a land loan appear as a mortgage account?  I will be closing at the end of the month on a land loan.  I went through the Texas Veterans Land Board for my loan.  Will this also help my tradlines? 

Thanks

[Anonymous]

Nice to hear about you closing on your loan. I see you ll be using the TVLB, do you know what your closing costs are going to be?

[eparker]

Well, I believe it will be around $2000.  But thats the required 5% down.  But I have been giving earnest money along the way and $500 down initially to the seller.  I bought 1 acre for $41,000.  I was told as long as I meet the 5% down, closing will be minimal.  I will let you know after I close. 

The process was so easy and simple.  They do everything via email, fax, or scan.  I was approved within days, they really cater to the veterans.  They are only looking for a 620 median score.   I mailed in the initial contract with application funds everything else has been fax or email.

Good Luck

[BIRDWRITER]

Hi, I have a land loan, and it does appear on my report as a mortgage. Don't know if it can vary by how the lender reports, but mine shows as a mortgage.