Bare Land/Lot FAQs
Can you do cash out refinances on bare land/lot loans?
We can refinance rate and term refinance 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.
What is your maximum loan to value on your programs?
Maximum loan to value is 75% with a 25 year loan term
What are your current interest rates?
Please contact us for our current interest rates.
What is your minimum loan amount?
Our minimum loan amount is $50,000.
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 $121,100, 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.
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