Can you do cash out refinances on bare land/lot loans?
We can refinance rate and term refinances only on the bare land/lot loan program.
What is your minimum credit score for your programs?
Minimum credit score required is 620 for the bare land/lot loan program.
Do you have a stated income program?
We have a reduced doc program up to loan amounts of $250,000. For loan amounts up to $150,000 we require application, bank statements, disclosures, appraisal and title. For loans $150,001 to $250,000 we require the same plus a pay stub and one year of tax returns. We may require 1 year tax returns for loans up to $150,000 on self-employed borrowers.
Do you lend in every state in the United States?
Yes, we do loans nationally.
What is your maximum loan-to-value on your programs?
Maximum loan-to-value for land up to 40 acres is 85% with up to 30 year loan terms. Maximum loan-to-value for over 40 acres is 75% with a 25 year loan term
What are your current interest rates?
Please contact us for our current interest rates.
What are your closing costs?
Closing costs vary depending on loan size, originator and locale. Typically you will pay fees for origination, processing, underwriting, appraisal, credit report, document preparation, title insurance, document recording and courier service.
What is your minimum loan amount?
Our minimum loan amount is $20,000.
How long do you have to build a residence?
You must have the intent to build a single-family primary residence sometime during the life of the loan.
Can you loan on a lot in a large city?
The bare land/lot must be located in a rural area or town with a population of 2,500 or less.
Can you loan on bare land/lots that will be used to build a second home?
If you are currently a full-time farmer, we can loan on bare land/lots that will be used to build a second home.
Can bare land/lots be financed with the purpose of developing the property or using it for investment purposes?
No, the intent for the property must be to build a single-family, primary residence on the property.
Does there have to be farming activity on the property?
If the bare land/lot is valued at over $106,500, there must be the intent to build a single-family, primary residence as well as the intent to generate $500 of gross agricultural income per year.
Is there a limit on acreage?
There is no limit on acreage.
Can the property be used for recreational purposes?
Yes, only if there is the intent to build a single-family primary residence on the property.