Raw Land Mortgage

A land loan isn t always used to just buy raw land.

Raw land mortgage.

No acreage restrictions. You don t want to spoil your purchase of raw or unimproved land so ask plenty of questions first. You can finance raw land but lenders may be hesitant unless that s typical for your area for example some areas rely on propane wells and septic systems. The purpose and current use of the land can dictate the terms of the loan.

Unlike raw land lot land has some type of infrastructure already in place such as lines for electricity and water. Lot land is usually building space for residential construction in developed areas. Raw land loan get the land you need for the plans you re making. Power well and septic aren t typically required.

Raw land loans in minnesota and wisconsin. Or find a mortgage broker to do that legwork for you. You can learn more about available loan terms here. Loan for raw land.

It s expensive to add things like sewer lines and electricity to your property and there are numerous opportunities for unexpected expenses and delays. Low down payment options. Both fixed rate and fixed to adjustable interest rates are available with a variety of repayment options. Finance raw land lots and acreage.

Consult agamerica s team of land lending specialists on your next recreational tract purchase. Great option for hunting land lake shore land or land to be purchased for future residence. Local underwriting and servicing. You may be able to extend the loan terms if you qualify for a construction to permanent loan.

Finding financing for a land purchase is contingent on whether the parcel is a lot or raw land plans for development and finding lenders comfortable with higher risk loans. Lenders consider raw land as the least desirable collateral for all land uses. Shorter loan terms land loans typically have shorter and more restrictive repayment terms. Depending on your financial capabilities and the intent of how you want to use the land it can be relatively easy or more difficult to get funding.

Most will require more money down up to 50 percent and charge a much higher. Most often these loans are used to purchase a vacant lot and also finance the construction of a structure whether it be a home or business. If you are intending to purchase raw land you should expect the loan terms to be even more restricted with terms be limited to under 10 years. Agriculturally zoned properties are eligible.

Lenders are more comfortable offering loans for lot property than they are for raw land so upfront costs are generally lower.