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Purchase Plus Lot Loan

The Purchase Plus Lot loan is a program designed to save you money. The issue that the purchase plus loa loan addresses is that many times we find just the right lot to build on but have not selected a builder or plans. Prior to the release of the new purchase plus lot loan program, the only alternative if you could not finish the whole construction project in the normal 12 month construction loan cycle was to do an expensive (from a rate perspective) lot loan followed by a construction loan and incur two complete sets of closing costs.

The purchase plus lot loan allows you to purchase a property (a vacant lot or home to be renovated), escrow the estimated funds for completion and take up to six months to finalize the construction aspects of the project, including builder selection, finalizing plans and specifications and your construction contract. You will then have 12 months to complete the construction phase once the transaction has been approved.

From a process standpoint, the lender will hold the construction costs and reserve accounts in escrow until a builder is selected and your plans are finalized. Once your construction contract is approved, a draw schedule will be determined by the lender, you, and your builder at which time construction can start.

As always, call or email me and let me know what you would like to do. As a mortgage broker, I have access to 24 construction lenders and am sure we can find the right loan for you.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

 

Purchase Plus Lot Loan   Prequalify for your Purchase Plus Lot Loan. 

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