Lot Loans
If you have found a lot, but are not ready to build, we can provide new lot loans for a lot-only purchase. When it is time to roll it over to a construction loan, we will be able to easily convert it for you. New lot loans typically require a larger down payment and better credit scores than most types of loans. Most lot loans require a minimum of 20% down.
Lot Loans typically require:
- Lot Loans with as little as 20% down in all states.
- 3 to 5 years balloon, with payments based on a 30yr amortization.
- Roll to Construction loan at reduced closing costs.
More about Lot Loans:
Lot Loans can be offered for fully documented or "stated" income with as little as 20% down.
Some borrowers who think they need a lot-only loan (because they are not quite ready to build) may want to consider a construction-to-permanent loan with an extended time to build. Please contact us to discuss the specifics of your project.
Start with Requesting More Information in order to speak with a representative.
TIPS ON HOW TO FIND THE LAND FOR YOU:
You probably don't buy land every day. Most people don't. That's why we've put together this important information: to help you choose a home site you'll be happy with for years to come. Questions? We are here to help.
Cost:
First, decide on your price range.
Here's a useful "rule of thumb": Expect to spend no more than an amount equal to two-thirds of your combined annual income to purchase the land. Remember, all "rules of thumb" can have exceptions, but this is a safe figure.
For example, a couple with a combined income of $150,000 a year may be able to spend no more than $100,000 for land. This is only a guideline. Your actual financial situation will determine your land budget. We can help you decide on the right price range for your budget.
Location:
The most critical factor -- in your happiness and your home's value.
Where you choose to live will influence your lifestyle and raise or lower the value of your home.
You can never improve your location. Even the nicest house is worth less if it's in an undesirable spot. And you won't be happy in your house if you don't like your surroundings.
Please continue to read more details about choosing the right lot for you - it is the crucial first step to building your dream home, and it must be taken seriously. For more information on choosing a lot, please click here.
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