Thanks Soror. What is a contractor's license? Is there any benefit to purchasing a lot, which is already purchased, in a subdivision as opposed to purchasing a lot that is not already purchased in a subdivision (or is that possible)?
In your experience, have you found purchasing a lot and having a personal contractor do the work to have significant financial benefits over purchasing a complete package from a builder in a subdivision?
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Originally posted by Pearls4Life
Sorors,
SummerChild gave some great information. I do loans part-time so if you have any questions let me know. Also as a holder of a contractors license, I do know if you want to buy a lot you will need to either find one or get a realtor to help, check the classifieds under real estate also for "lots for sale".
If you are buying in a subdivision the lot is already purchased. Contractors can be found by checking in the phone book and looking in your states.gov licensed contractors site. Thats the easy part finding one, the hard part is making sure they are on their game and that they don't do shoty work. 
This time of the market is good. There are a lot of Interest Only loans and 100% financing schemes and there are good loan officers / lbankers out there. Usually banks dont offer the best rates because they only deal in A-B credit I work with A-D credit. This means I have a lot more underwriters to submit to and pick from who compete for the loan basically. Just makek sure you know your credit score.....EVERYTHING depends on that as far as interest you pay, downpayment if any at all and which lenders your banker or loan agent can shop your loan to. Hope this helped little. 
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