Land purchase loans are different from most other loans due to the higher risk in default. If you are considering purchase land, be aware that the down payments and interest rates will probably be higher than for traditional home purchase loans due to that risk.
The type of loan you get will be dependent on the property, your plans for it, and the timing of any construction work.
If you’re planning to purchase land and built on it, prior to purchase, make sure the property is properly zoned for intended use. Make sure to have the property properly surveyed to identify the property lines, dimensions, easements and access points. The easements and access points will also factor into the lands value and the ability to acquire a loan for the property.
If everything checks out okay then you can start to pursue the proper financing to purchase the land.
If you’re interested in purchasing land, contact us today to discuss your options!