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Land Loans

Construction loans require the new homeowner builder to own land and Nationwide Construction Loans provides the lending sources to obtain the best land loans.

Land Loan Overview
Short term financing for a residential lot that will be built on within the next 3 years.

Loan Purpose
Purchase, Rate & Term Refinance

Fixed Rate Land Loans

Processes Modified/Standard (Full doc).

Intended for primary or second home construction.

Property Type
Zoned residential. Roads, utilities, water and sewer must be available to the site.

36 months. A 6 month extension may be available.

LTV/Loan Amount/Credit Score

LTV Loan Amount FICO
80% $500,000 >=680
75% $700,000 >=680
70% $1,000,000 >=680
65% $1,500,000 >=700
80% Conforming 680-719
75% $500,000 680-719
70% $700,000 680-719
65% $1,000,000 680-719

6 months PITI

Total Debt Ratios
45% back end.

2 appraisals are required for loan amounts greater than $1,000,000.

$550 commitment fee.

Customer Loyalty Discount
If borrowers refinance their Lot loan to a new Construction Loan using their original mortgage broker that assisted with the lot loan, they can receive a credit towards their construction loan closing costs. Credit equal to .500% of the lot loan amount. To be eligible for this discount, lot loan must have a minimum of 12 months seasoning.