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LAND LOAN

For current rates on the following loan programs, please contact your local office today!

Land loans come in all shapes and sizes and are unique to existing home loans. The purpose and current use of the land can dictate the terms of the loan.

Loan for Unimproved Land

Unimproved land is usually the hardest to finance or get with favorable terms. Lenders consider raw land as the least desirable collateral for all land uses. Most will require more money down (up to 50%) and charge a much higher interest rate.

Loan for Lot Land

A lot loan usually consists of one or more building sites for residential construction. These sites usually have been improved with the addition of sewer and water systems, streets and easy access to other utilities. These lots are also financed by home equity or cash out refinances on the borrower's current home.

Things to Consider

  • Access: The lot will need to have access to public roads or a permanent easement granted to access a public road
  • Utilities & Improvements: Are there paved roads, streetlights, public sewer, water, electricity and natural gas?
  • Zoning & land use restrictions: Is the land currently zoned for your intended use for the property? Is the lot big enough for your home or is it restricted by the covenants and setback requirements?
  • Future Plans: Check with the local planning department for future sites near the land that may affect the future value of your property.
  • Boundaries: Typically, you will want to get a stake survey to mark the corners of your lot.
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