August 9, 2022 | By: Brooke Bevill |Land Loans, Mortgages, Rural Living, Terms
We see many people still working remote jobs and because of that flexibility, people are making their fresh air dreams become a reality by moving out of town. Many of these folks are looking for open spaces for their kids, so they can run free. So if you’ve been thinking of getting some fresh air, mortgage lot loans might be the right option for you. These loans should help finance the purchase of a plot of land that has several unique features, making them an exceptional and workable option for those wanting land to build on eventually.
One of the great things about these loans is the rates we offer. You can do a 15-year term with as little as 15% down. Depending on how much you put down, determines how long the term can go. So say you want a 20-year term, we can do as little as 20% down. Or say you want a 25-year term, we can do as little as 25% down. Right off the bat, this is an outstanding feature about our lot loans and it can be a very reassuring thing. Since there are no balloons or floating interest, you know that what you are paying for will go into it and will remain constant throughout the entire term. This makes it a predictable and straightforward option.
Another significant aspect of these loans is the property improvements such as barns, water, roads, electricity and so on, tack on easily. We can roll improvements into your existing lot loan or construction loan as well. Instead of having to pay off a separate loan for property improvements, this feature makes the entire process that much simpler. Not only does it simplify things, but it also offers more options for our customers to do what is best for them. We need these loans to be 40 acres or fewer, and it needs to be outside of the city limits or with a population under 2,500. It is also important for there to be an intent to build on the property at some point.
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Mortgage lot loans can be a wonderful option and our very popular thing we do here at Texas Farm Credit. Let’s make your country living dream a reality. Call us and we’ll get you all sorted out.
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