I found a piece of land for $34,000. It has come at a time when the savings has just been depleted. This was expected in januarary, not july. I have little over 10% for the down. The only other thing I have is two car titles, at a value of $15,000. This dosen't help with the land loan, but can I get a separate loan for the down and closing? Are there any other avenues for help? My wife an I are 1st time home buyers, any advice or ideas would be appreciated.

RichardBondMan

I believe there is a federal loan program in which the Fed Govt allows first time home buyers the opportunity to become home owners with very little or nothing down. You stated you "found of piece of land" and I am not sure if the program, if it still exist, is for land only. Ask a real estate agent this question and perhaps they can give you a good answer if the program still exists and if it is applicable to "land only". Your scenario raised a couple of points to consider.... One, real estate is normally a good investment if held onto for a period of time, in some cases, a short period of time but most of the time, one must hold onto it for a long period of time. It's not a liquid (convertibe to cash quickly) type of investment and tons of people loose during a "forced" sale. I would not jeopardize my vehicles by putting them up as collateral as they are a means for most as a way to get to a job to earn needed money. Youve apparently worked hard to get those vehicles paid for and eliminate the debt. One should have 3 to 6 months of readily available cash for emergencies that arise in everyone's life. like loss of a job, income, car repairs, etc. I would not recommend buyiing the land and mortgaging your vehicles, rather pass of the real estate opportunity, build your cash reserves, pay cash down and have a reserve left. Those are just my ideas.