Land Loans
LOAN DOCUMENTATION
- Residential Loan Application must be filled out
- Copy of Tri-merge Credit Report
- Copy of fully executed lot purchase contract
- Income verification: Two most current years W-2 forms or Federal Income Tax Returns
- Current paycheck stub for each borrower
- If self-employed, two years personal returns, business tax returns and YTD financials
- Full land appraisal with pictures of suject property and all comps
- Title Report (within 60 days) including tax parcel number and plat map
- Copy of Earnest Money Receipt
Variable Rate: ............. Prime +
Fixed Rate Option: Is Available
Term: ........................ Varies
LTV: .......................... 80 to 90%
Amortization: .............. Interest Only
Minimium Credit Score:.. 620 for 80% LTV 680 for 90% LTV
Minimium Loan Amount:.. $25,000
Maximium Loan Amount:.. $1,500,000
Max Lot Size: ................. 5 Acres 80% 3 Acres 90%
Properties
Residential Lot must be in a fully improved platted subdivision with utilities to the lot line. 5% of purchase price in reserves after COE.
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