| Have you found the lot of your dreams but are not
yet ready to build? If this sounds like your scenario, we have the perfect lot
loan for you. We work with some creative lenders that not only offer land
financing for primary residences, but will also allow us to broker your next second
home lot loan and investment property lot loan. These lenders assist in
the purchasing lots up to three acres in improved non-rural subdivisions. They do
not refinance lot loans.
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| Here are some of their program highlights:
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Three Year Balloon Lot
Loan Program
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| Benefits:
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Flexible underwriting
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Borrowers have time to prepare to build their dream homes -
rate locked for three years
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Purchases Only (no refinances)
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| Land to be used for Primary Residence or Second
Home:
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| $400,000 Loan Limit - Minimum 10% Down Required -
680 Minimum Credit Score
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| $400,001-$500,000 Loan Range - Minimum 20% Down
Required - 680 Minimum Credit Score
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| $500,001-$750,000 Loan Range – Minimum 30% Down
Required – 680 Minimum Credit Score
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| Land to be used for Investment Property:
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$500,000 Loan Limit - Minimum 20% Down Required - 680 Minimum
Credit Score
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$500,001-$750,000 Loan Range – Minimum 30% Down Required – 680
Minimum Credit Score
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| Basic Parameters*:
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Lot loans can be used for construction of one unit properties
only
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Maximum of 3 acres
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Property must be in improved subdivision with no structures of any kind on the
lot
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No rural lots (wells, not subdivided)
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5% of down payment is required from borrowers own funds (may
be waived pending circumstances)
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One lot loan with this investor at a time.
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Must have at least two months reserves worth of principal, interest, taxes and
insurance
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Seller contributions may be used toward prepaid items and/or
closing costs. Allowed up to 2%
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| * * Additional terms and conditions may
apply. Displayed criteria is subject to change without notice. Please contact
an AAXA Loan Advisor for information.
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| If these loan programs are not an ideal fit you’re
your particular scenario, do not fear. We work with several other lot loan
investors who might be a better match.
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| Call 877-RATE-LOW (877-728-3569) - Ask for our
Lot Loan Team
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Various Lot Loan
Programs:
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Southeastern
Lot Loan Programs – FL, GA, NC, SC & VA Only
National Lot Loan and Stated Income Lot Loan Program
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