Residential Lot Loan
Building strong roots starts with finding the right land.
Build Equity in Your Land
Converts to a Construction Loan
Competitive Rates and Flexible Terms
Lot Loan Details
A residential lot loan, also known as a land loan, is used to purchase a piece of land for your future home. Purchasing a lot at today’s prices helps you start accumulating equity now and build your dream home when you are ready. When ready to build, a lot loan easily converts to a construction loan.
- Land Loan Options
- Option 1: Interest only payments for 12 or 24 month terms with a Fixed Rate
- Subdivision lot loans require 25% down and rural lot loans require 35% down
- Option 2: Principle and interest payments with a balloon payment at the end of the 3 or 5 year balloon options
- Payments set up on a 15 year amortization schedule
- Subdivision lot loans require 25% down and rural lot loans require 35% down
- Option 1: Interest only payments for 12 or 24 month terms with a Fixed Rate
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