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This simple, home-only financing program is the most popular. This type of loan is very similar to purchasing a vehicle, and your land is not tied into the loan. Down payments will depend on your credit score, employment history, etc. Terms vary by lender.
Land in Lieu:
Use your land equity as your down payment or in addition to your cash down payment. The appraised value of your property is used to determine your collateral. Land improvements are financeable with this type of loan. Terms vary by lender.
This type of loan is for those who want to purchase a piece of property and finance it with their new home and land improvements. Down payments usually start at 5% of the total package (land + home + improvements). Terms vary by lender.
These loans are very similar to Land-in-Lieu or Land/Home but may be easier for some applicants to obtain, especially with limited credit history. Terms vary by lender. Your Bank:
Your local bank might be able to help you finance your new home! Give them a call to see what they might be able to offer you!