One avenue you can take is starting with a residential land loan. Land loans can often be confused with construction loans, but there is a huge difference between the two: a land loan allows you to purchase land that you will break ground on later in the future, say more than a year down the road. A construction loan allows you to buy land and begin construction immediately. For many people beginning the process, it can be beneficial to purchase land, then pay down the principal on that investment before breaking ground on their home. If that is the route you would like to take, our financial experts can work with you to secure your residential land loan now, then transfer it to a construction loan when you are ready to break ground on your home.
There are some rules and restrictions to consider if you are planning to utilize a residential land loan, like they are limited to parcels of land that are 40 acres or less. However, If this is the route you would like to take, our team is ready to help you navigate all of your questions and concerns and get you on the right path to securing the loan you need on the land you love!
If you’re ready to get started, click the button below to get in contact with our lenders today!