Land loan products are available if you are not planning to build immediately. We offer several convenient land loan programs depending on your needs. A balloon land loan option allows 2-5 years to begin construction, a fixed rate land loan product is amortized over 30 years to keep the payment low. We also offer an adjustable rate land loan product which has no prepayment if you convert to our construction/perm program. Land loan programs are available as fully documented or stated income documentation for individuals with difficult to document income situations.
Down payment requirements vary by land loan program and documentation preferences but a land loan will generally require a 20% down payment although one of our lenders is now offering a program with as little as 10% down.
If you are not ready to build but have found the perfect land. The new Purchase Plus Lot Loan can save you a great deal of money.
Please send me an email and let me know what you are trying to do and I will send you a good faith estimate for several programs which will meet your needs.
Land size must conform to the general area and must be residential in nature. Improvements are required and include a legally accessible street with sewer. Electricity must be available and hillside lots are generally not acceptable. We do not make them for working farms or for lots of more than 25 acres at this time.
Read more about Land Loan Closing Costs
I have included a page on how to calculate your qualification ratios.
I have included a page on documentation requirements.
Learn more about investing
As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come. Read more about this free, no obligation service.
Prequalify for your Land Loan