Financing Vacant or Unimproved Land
It is still possible to finance vacant and unimproved land. Ask your local bank if this is a service they provide. Not all mortgage companies have investors for land. But don’t let getting a loan on your dream property diminish your dreams of owning a part of Colorado. You can still own your land with mountain views, deer, elk, hunting, hiking and more. Below are a few questions to ask a mortgage lender or local bank:
Questions to ask about financing vacant land around Pueblo, Canon City and Southern Colorado.
- What percentage do you have to come in with, money out of your pocket?
- How long they will finance? How many years?
- What is the percentage rate and will it change?
- Is the interest rate based on 15 or 30 years?
- Do you have to build within a certain time?
- How much land will they finance? 5, 10, 40, 160 Acres?
- Does infrasture matter? Things like paved road, water?
- Does it have to be in a subdivision?
- What if the land already has a land lease on it, say for cattle gazing?
- Is it a loan requirement to have a soil or perk test done?
- What if there is an easement on the property already?
- Will your local bank help you with a construction loan when you are ready to build? (This is called Construction to Permanent Finance and could make a HUGE difference down the road)
Land loans are some times difficult to find. Ask local banks for help with your land loan. The local banks in Canon City and Pueblo are some times inclined to help fund local residence under the right circumstances.