Different Types of Land Loans. The process for getting a land loan varies depending on where you’re buying land and what you plan to use it for. Here are the common options for land loans: raw land loan. raw land is property that has zero improvements on it, including electricity, sewers or roads.
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In our first article in this series we help you decide between loan types, and whether your situation means you need a construction loan, lot loan or land loan for financing a lot purchase and building a new home. We’ve also described the details about home construction loans and their unique terms and procedures.
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· Land Contracts vs. Land Loans. Loans for this type of transaction are typically acquired through financial lenders. The percentage required for the down payment on the land generally varies based on how you plan to use the property. Down payments of 20% are common, but some lenders may require down payments as high as 50%.
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This type of loan has drawbacks, though: You pay for two closings and two sets of fees – first, on the construction loan; second, on the permanent mortgage. You can’t lock a maximum mortgage rate.
Where to Get Loans to Buy Land. For the most part, land loans are relatively short term loans, lasting two to five years before a balloon payment is due. However, longer term loans exist (or you can convert to a longer term loan), especially if you’re building a residential home on the property.
· The various types of property loans that are generally available are: 1) Land-purchase loan. Land-purchase loans are given by banks or non-banking financial companies (NBFCs) to buy a plot or land on which the loan applicant is looking to construct a house. Generally banks lend up to 80-85% of the price of the plot or land.