Do you have plans to build a new home this year and have you been out looking at build sites? Whether you are looking for a lot in a development or acreage out of the metro, lot financing is available in our market. Lot financing provides an affordable option for you to buy a lot now to build later.
Lot loans are available with 20% down and only require interest only payments to be made. Terms are generally for 12 months but can be extended up to 24 months. When qualifying for a lot loan, we will need information about the scope of the total project. This allows us to plan for the next phase – construction of your new home. We want to make sure to understand the scope of the full project, from lot purchase through construction of your home, so we can provide the best overall financing package for your situation. Buying the lot is just the first step, and we can help provide the roadmap for the entire project!
We work closely with a title company that is well-versed in lot and construction financing. The title company is a vital part of the process, handling all aspects of the lot purchase and later on, construction draws to build your new home. They also provide a great fee structure which saves you money as you move through the process – from lot financing, to construction financing, and then your end loan that pulls everything together into the final mortgage.
Questions are always welcome – let my team help you put all the puzzle pieces together. Lot and construction financing are our specialties!