Lot Loans
If you have found a lot that you are ready to build on, we can wrap 100% of the cost of the lot into our owner builder construction-to-permanent financing.
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 do so at discounted rates.
New lot-only loans typically require a larger down payment and better credit scores than most types of loan. 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.
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.
And plan on the land cost being not more than 25% of your total budget.
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 would give them a land + construction budget of about $400,000.
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:
Owner Builders, follow this link for great details about choosing the right lot for you.
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