Land Purchase Options
A land loan is used to finance the purchase of a new plot of land for home building or business purposes. There are 3 types of land loans Raw Land Loans, Unimproved Land Loans, and Improved Land Loans.
Purchase of Land with No Immediate Intent to Build
In order to secure a purchase of land while having no initial plans to build you must have good credit while also giving a down payment of 50%.
Purchase of Land with Initial Basic Construction Plan
In order to obtain this loan, it also takes good credit but the initial down payment drops down to only requiring a 35% down payment.
Difference between Land Loans and Construction Loans
Typically, you would use a land loan if you were wanting to simply purchase the land and wait on construction or building on the land. If you are wanting to start building right away a construction loan is a better option for you due to the fact it also covers the cost of construction and building materials.
Benefits of Land Purchase
· Full control over land and use
· Can help businesses profit off up-and-coming areas
· Can purchase land without having to start construction as quickly
The Benefits of Getting a Loan From Tampa Bay Home Mortgage
· You are able to complete your application completely online with live help.
· Our home loan experts are available to chat via chat, email, and telephone to assist you
· Our great customer service continues even after you close
· You can manage your mortgage online after you close. Also, no hidden fees
Why Choose Tampa Bay Home Mortgage
Tampa Bay Home Mortgage is ready and willing to provide quality service to those in need. We treat each need in accordance to the person and their needs. Choose us today!