Can I Get A Loan For Raw Land?
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Buying land, and later building on it, is generally a process with three financing needs.
First, money is needed to acquire the land.
Second, money is needed to construct “improvements” such as a home.
Third, owners will want long-term financing once construction is completed.
It’s usually best for borrowers to obtain acquisition, construction, and permanent financing in one loan. Such financing is attractive because it only requires one closing. The alternative is one loan and closing to acquire the property, a second loan and closing to finance construction, and a third loan and closing to obtain permanent financing. With each closing, of course, there are lots of fees, charges and taxes — reason enough to only have one if possible.
Speak with lenders regarding specific loan packages in your area. Also, speak with a tax professional regarding the tax implications of each loan option.
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