Land loans are available if you are not planning to build immediately. We offer several convenient land loans depending on your needs. Email any land loans questions. A balloon land loans option allows you to take up to 2-5 years to begin construction, a fixed rate land loans product is amortized over 30 years to keep the monthly payment low. We also offer an adjustable rate land loans product which has no prepayment if you convert to our construction/perm land loans. Interest only options for land loans are available and can be a good choice to lower your payments. Land Loans programs are available as fully documented or stated income documentation for individuals with difficult to document income situations.
If you are not ready to build but have found the perfect land. The new Purchase Plus Land Loans program can save you a great deal of money.
Down payment requirements vary by land loans program and lender and documentation preferences but land loans will generally require a 20% down payment although one of our lenders is now offering a fully documented land loans program with as little as 10% down. Stated income land loans will require a 20% down payment and no ratio and no documentation land loans are not available at this time.
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 land loans which will meet your needs.
Lot 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 unbuildable 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 Loans Closing Costs
I have included a page on how to calculate your land loans qualification ratios.
I have included a page on land loans documentation requirements.
Learn more about construction loans
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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.