Land Loans

Land Loans | Financing for Developed Lots & Raw Land

Finance the Land Before You Build the Dream

Whether you’re buying a developed lot or purchasing raw land, a land loan can help you secure the property now without paying entirely in cash.

Our land loan program provides financing options for both developed lots and undeveloped or raw land. Property eligibility and terms are subject to underwriting.

  • Up to 75% financing on qualifying developed lots
  • Raw land up to 65% LTV
  • 20-year amortization
  • Up to 45% DTI
Explore Land Loan Options

75%

Developed Lot LTV*

65%

Raw Land LTV*

20-Yr

Amortization*

45%

Max DTI*

Terms vary. Figures shown are current program guidelines, not guarantees, and every loan is subject to approval.

Land Loan Highlights

Potential features for qualifying borrowers — exact terms vary and every loan is subject to approval.

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What Is a Land Loan?

A land loan is financing specifically designed for the purchase of property that may not yet have a completed home on it.

Instead of financing an existing house, the loan is secured by the land itself. That can give qualified buyers a way to purchase the property now and decide what comes next.

Actual property eligibility is subject to underwriting approval.

Picturesque rural landscape featuring lush fields and a winding dirt pathway under a clear sky.

01

Developed Lot Loans

A developed lot generally has more infrastructure and improvements already in place than raw land.

Qualified developed lots may be eligible for financing up to:

75% LTV

Loan Structure

Ask About Developed Lot Financing

02

Raw Land Loans

Raw or undeveloped land generally has fewer improvements and may not yet have utilities, roads, or other infrastructure in place.

Qualified raw land may be eligible for financing up to:

65% LTV

Loan Structure

What Does a Balloon Term Mean?

These land loans are amortized over 20 years, but the full loan term is shorter.

That means your monthly payment is calculated as though the loan were being repaid over 20 years, while the remaining balance becomes due at the end of the balloon period.

Developed Lots

36 months

The balloon is due after 36 months.

Raw Land

60 months

The balloon is due after 60 months.

Before using a land loan, it’s important to have a plan for what happens at the end of the balloon period. That may include refinancing, paying off the balo another financing strategy, subject to available options at that time.

How Much Down Payment Is Needed?

Your required down payment depends on whether the property is considered developed or undeveloped.

Developed Lot

With financing up to 75% LTV, a borrower would generally need at least:

25%

Equity / down payment

Raw Land

With financing up to 65% LTV, a borrower would generally need at least:

35%

Equity / down payment

Actual loan amounts and required funds are subject to property value and underwriting approval.

Who Might Consider a Land Loan?

A land loan may be worth exploring if you:

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    The 2 Mortgage Guys logo
    The 2 Mortgage Guys

    Ryan Minick and Steve DeLon — Branch Managers & Senior Loan Officers at Luminate Bank. Based in Kokomo, Indiana. Lending nationwide since 2005.

    Contact

    Questions@the2mg.com

    (765) 450-8933

    Ryan Minick NMLS# 203249

    Steve DeLon NMLS# 202876

    Luminate Bank NMLS# 1281698

    Kokomo's Mortgage Team. Lending Nationwide.

    1221 Appletree Lane, Kokomo, IN 46902

    Luminate Bank NMLS 1281698 Bank Headquarters 2523 S. Wayzata Blvd., Suite 100 Minneapolis, MN 55405 (952) 939-7200. This is not an offer to enter into an agreement. Information provided is outlining the minimum down payment requirements as allowed by specific loan program and product guidelines and any information, rates and programs are subject to change without prior notice and may not be available in all states. All loans are subject to credit and property approval. Luminate Bank is not affiliated with any government agency. All rights reserved.

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