What are the requirements for a Lot/Land Loan and what terms are offered?
Eligible Properties
- A residential buildable lot or land not exceeding 15 contiguous acres (or 10 contiguous acres in the state of Texas).
Ineligible Properties
- Investment, commercial or working farm properties
- Properties with existing structures or slabs
Loan Amount and Rates
- The maximum loan amount will be no greater than 80% of the purchase price.
Purpose of the Loan
- Proceeds of the loan may be used for purchase of the lot/land.
Terms of Loan
- Maximum of 10 years
- Minimum of 5 years
Documentation required to review and process the loan
- Signed statement of intent to build a primary, secondary or vacation/seasonal residence on the on property within 10 years.
- Income, asset, and credit documentation
- Appraisal
- Copy of signed sales contract
- Additional tests may be required if public water and utilities are not present at time of financing.
To verify if we lend in the state where the property is located, view our FAQs about Applying for a Mortgage.
Visit our Land Lot Loan page to learn more. If you are ready to apply, view our Delta Community Home Loan Team to choose a Home Loan Specialist serving the area most convenient to you, or call us at 866-963-7811.
