What financing is typically available for island property purchases?
Island Property Financing Basics If you would like to finance your island property purchase, here are some basics on island property financing: Downpayment requirement: Inland property (ie: non-waterfront) – minimum down is 34% Waterfront property: minimum down is 20% Appraisal is required on all deals, paid by the buyer, and is typically between $500 700. Property lending value is maximum of 5 acres. Rates for financing on inland property of vacant, unimproved land are based on posted lending rates, there are no discounts available. Property that is waterfront and unimproved has the potential to be financed at Prime + 1%, OAC. (On approved credit) For Waterfront properties, there is a financing fee that is charged to the buyer 1% of the mortgage amount. For more information and current rates, please contact: Debra Owen,Broker/Owner VERICO Integra Mortgage Corp.
