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• About Us  • View Testimonials  • Construction Programs  • Construction rates  • Comparing Options  - Loan offers from different    banks  -Construction cost estimates  -Building new or remodeling    VS buying an existing home  -Being my own contractor   VS using a general contractor  - Get Answers  • Educational Resources  - ABC's of Construction    Financing  - Stick-Frame Home    Information  - Log/Timber-Frame Home    Information  - Modular Home    Information  - Lending Dictionary  - Construction Dictionary  • Bank  - Refer a customer for a    construction loan  - Learn more about    construction loans  - Receive consultation on setting    up our own construction    loan program(s)  - Get added to the Construction     Advisors network of lenders  - Get Answers  • Contact US   What Is a Land/Lot Loan? A lot/land loan is used to purchase "raw" or unimproved land. This is land that does not have a residence or any other above ground structure located on it. How do I qualify? Qualification criteria will vary by lender but do not be surprised to have to shell out anywhere from 5% down plus closing costs to 50% down plus closing costs. You will have to complete a standard mortgage loan process including but not limited to: credit evaluation, asset documentation, appraisal, title commitment, etc. When is a lot/land loan right for me? A land loan is only recommended when you are not going to build for at least more than 1 year but feel that you must secure the piece of land that you are interested in. Otherwise, start inquiring about construction loans that include the purchase of your land. Should I buy my land with cash even if I plan to build as soon as possible? At no time should you spend money that you don't have to when you are going into the process of construction. It is important to have as much money available to you at all times during the phase of construction. Therefore, if you have a lender that can lend you the money to buy your land and build your home then you should let the lender do just that. Save your money for the "unexpected" costs that find their way of creeping up on you. It is not that you should expect to overpay but you should expect that sometimes money is needed to cover certain expenses while you wait for draw payments to come in. Experience the Construction Advisors difference today —Contact Us to get started!

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