Land only loans
Rate*:
Call for rate
(1-800-452-9515, ext.9504)
Origination: 1.0% Fee
APR*:
Call for rate
Notes: This is one of many
programs we
offer. Please
visit us or
contact a mortgage
specialist to see if it's perfect
for you. You can also
apply
on line right now.
This loan is designed for borrowers who want to purchase parcels of unimproved land.
Land can be located in a developed and plotted subdivision or may be a stand-alone
parcel.
Advantages:
- Offers the benefits of a fixed rate
- Work with us, a local lender, and we're always happy to talk when you need
to.
Disadvantages:
- Land loans are riskier for lenders because the property hasn't been inmproved.
- Due to risk, down payment and equity requirements are higher than for homes
on developed property.
- Interest rates are also often higher because of risk.
*Annual Percentage Rate. Rates and fees
will vary depending on the terms of the loan. APR calculation is based on a
$100,000.00 loan amount, with a 1.00% loan origination fee (1.50% for manufactured
homes), at 80% Loan to Value (75% for Investment Properties) and based
on a 740 FICO score. Loan programs and rates are subject to change without notice.
Rates listed are those that are offered to consumers with "good" credit
characteristics and terms may vary based on the credit worthiness of the individual.
Rates and terms may be affected by the loan's purpose, amount financed, or by the
type of property.