Land purchase loan in the United States ? best rates from local lenders.

You have your dream house perfectly sketched in your mind. Picture perfect and on the exact location of that you always wanted. If you have found the land on which you wish to make that dream house a reality, and all you need is finance, a land purchase loan will provide you finance to acquire the land.

Land Purchase Loan

If you want to purchase land either as an investment or for your own dream home, you will find that a land purchase loan is one that is structured for this requirement. Loans strictly for land purchase can be as scarce as good residential lots. While many lending firms around the nation compete to provide mortgages for the purchase of a house on a lot, only local institutions typically will be interested in lending for an empty lot. You can apply separately for a construction loan to build a house on the land you have purchased.

Pros

Is typically a smaller loan than a home mortgage
You can purchase your land, then take your time building your home

Cons

Land loans can carry higher interest rates and bigger down payments than conventional mortgage loans, to reflect the increased risk.