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This land is your land! Flexible financing is key to owning your perfect lot

A Dad looking at blueprints for his dream house with his kids.

That empty parcel of land is your canvas. It has the potential to be something amazing – your new home, a second home, or a place to enjoy nature.

Finding land can seem like the easy part. Not all banks will finance raw land, and some won’t do loans below a minimum land value.

Qualified clients won’t have that problem. We don’t have set minimums before we talk to you about financing your land – and we don’t have acreage or loan limits like some banks. We also have the flexibility to fit your loan to your lifestyle. Throughout the loan, you’ll receive personalized attention and trustworthy guidance from an experienced lender.

When you finance with us, you’re the king or queen of your castle. You never have to build, and if you decide to later, there’s no rush. Whether construction begins in six months, 10 years, or never, there is no prepayment penalty at any time.

What to know about financing a lot or land

Whether you finance a land purchase (think 20 acres out in the country) or a vacant lot, such as a half-acre lot in a subdivision with infrastructure such as roads and utilities in place, there is no difference in how the interest rate is determined. Among many financing options, we can offer a 15-year fixed rate so you know what you’re paying through the life of the loan. Also:

  • We offer competitive fees and pricing.
  • We base the loan amount solely on the appraised value of the land.
  • Loan amounts are based on the lower of purchase price or appraised value, whichever is less.

  • If you want to build, you can roll your land financing into an all-in-one construction loan for what would then typically be a lower rate.
  • No homeowners’ insurance is necessary.
  • Only a land appraisal is needed, not a full inspection.
  • Generally you only need an attorney title opinion rather than owners title insurance, which could save you money. Talk to your realtor to see what your situation might require. In certain cases it may be better to protect your investment with owners title insurance.

Land financing does require a higher down payment than a typical home loan. A minimum of 20 percent is needed, and that could go higher depending on a few factors. You can use any equity, however, as a down payment when you’re ready to build. That means you’ll potentially need less cash up front for the construction loan.

A closing typically takes place between 30 to 35 days after application but sometimes can be sooner because we make our loan decisions locally.

If the land you want to purchase has a structure on it that you want to tear down or doesn’t meet the standards for a mortgage loan (such as a mobile home not connected to a foundation), we’re happy to discuss your unique situation. It might be possible to not include the structure and finance based on the land value alone.

We’re ready to help

Our lenders are here to listen to your needs and offer personalized service to help you purchase the land or lot of your dreams. Visit any of our locations or call us anytime at 740.349.3911.

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