What property buyers should know about land loans
Looking to buy some land? You have plenty of options, from modest suburban lots to massive 5,000-acre ranches.
You probably won’t be able to finance a land purchase with a regular mortgage, though. If you’re not sitting on enough cash to buy the land outright, you’ll need to explore land lease options or apply for a land loan, also often called a lot loan or property loan. Read on to learn more about land loans, how they differ from conventional mortgages and what you’ll need to get approved for one.