Finance land lots for a new home, farm, or other structure.
Lot loans are perfect for anyone who is looking for a space to build their dream home, or those looking for land to develop for commercial use.
WHAT IS A LOT LOAN?
Also referred to as land loans, lot loans provide specialized financing for the purchase of a plot of land that does not have a house or other structure already built on it.
There are two types of land lot loans: improved and unimproved. Improved land is ready to be built on, clear of any obstructions. Unimproved land, or raw land, is not ready to be built on yet and may have older structures, vegetation, or debris that needs to be removed.
Lot Loan Program Details:
- Financing available for residential lot purchases
- The lot must be for future construction of an owner-occupied residence
- Up to 10 acres
- Unimproved land – up to 65% of lower of cost or appraised value
- Improved land – up to 75% of lower of cost or appraised value
This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice. Certain restrictions apply to all programs. See your FLB Mortgage Loan Officer for complete program guidelines, loan application, applicable fees and annual percentage rates (APRs) for all loan programs. Full underwritten approval is required, and all loan approvals are subject to credit, income and asset review and approval. Bank NMLS#1215182
Lot loans are perfect for anyone who is looking for a space to build their dream home or for those looking for land to develop for commercial use. To start the application process, contact an FLB Mortgage Lender in Frisco, Texas today!
