Banks don't give loans for major fixer uppers. Being ok with buying one goes out the window pretty fast. Matter of fact most of the cheap houses that you can get a loan for will be former fixer uppers that a house flipper bought two years ago. And you will see that transaction on Zillow and get pissed off.
Regular banks also don't give loans for raw land, either.
Fair warning to everyone looking into this; if you're thinking about buying up land and building a house yourself, you'll have to jump through hoops to find a local bank specifically designed for that.
Banks don't give loans for major fixer uppers. Being ok with buying one goes out the window pretty fast. Matter of fact most of the cheap houses that you can get a loan for will be former fixer uppers that a house flipper bought two years ago. And you will see that transaction on Zillow and get pissed off.
Regular banks also don't give loans for raw land, either.
Fair warning to everyone looking into this; if you're thinking about buying up land and building a house yourself, you'll have to jump through hoops to find a local bank specifically designed for that.