When you find the perfect lot or land for your future home, Honor Bank can help! With a lot or land loan, you can purchase the land where you want to build your home and then take the time to plan and design the home of your dreams. When your plans are finished and you have selected your building contractor, the remaining balance on the loan may be paid off with a no-hassle construction loan from Honor Bank.
Honor Bank Is Northern Michigan’s Local Land Loan Lender
Did you know that local banks and lenders are more likely to grant land and lot loans than national banks and lenders? With in-depth knowledge of the Northern Michigan lots and land in the local real estate market, Honor Bank understands your financing needs and the potential for that piece of land you’ve been admiring. Our lot and land loan experts will be glad to discuss your circumstances and advise you on your best loan options.
Speaking of land lot loan options, here are a few you may have to choose from:
- The U.S. Department of Agriculture offers two kinds of loans for those hoping to build on a rural parcel of land. These loans are intended for low- to moderate-income buyers and feature low interest rates. Some USDA rural housing site borrowers can qualify for a zero down payment.
- If you are seeking a parcel of land for business purposes, the U.S. Small Business Administration may offer assistance. Through the 504 loan program, the SBA and a lender will work together to provide financing for business land development. You will be expected to provide a 10% down payment.
- If you already own a house and are purchasing land for a second home, you may want to consider taking a home equity line of credit. For many buyers who already own their primary residence, HELOC can be an easy and affordable way to finance a vacation home or investment property.
Lot and Land Loans from Honor Bank
When you are ready to take the next step toward land ownership, call Honor Bank at 877-325-8031 . Or you can complete our online contact form at your convenience. A member of our mortgage team will be glad to help you through the process of getting a loan for land.