Have you found a lot that you would like to build a home on in the future, but are not quite ready to jump into the home building process? If so, we have just the program that is perfect for this.
This is a lot loan that is specially designed for someone who has found the perfect lot, but wants to take some time to get together just the right plans, specifications, builder contract and maybe permanent financing arrangements.
This lot loan allows us to finance up to 95% of the purchase price of the lot, so only a five percent down payment is required. In addition, the payments are amortized over a 30 year period, resulting in low monthly payments while you are getting your plans together. The loan does have a balloon note that comes due in three years, but in most cases, you will have your plans together, will be ready to build and can roll this loan into a construction loan before that time.
These terms are virtually unheard of when referring to financing of unimproved lots. So, if you have found that perfect lot or, are looking for one, call us, or simply go to “Apply Now”, fill out the short form and watch how easy this process can be.
At Magnolia Mortgage Company, we have your best interest at heart!
1550 S. University Blvd. Mobile, Alabama 36609
800.952.5025 Toll Free
Magnolia Mortgage Company
Licenses: Magnolia Mortgage Company, LLC is a HUD, VA and USDA approved lender and is licensed by the Alabama State Banking Department.
Magnolia Mortgage Company may not be able to lend in all states,
please contact us for availability.
©2007 Magnolia Mortgage Company LLC All Rights Reserved.
Licence Number Alabama MC 20938; NMLS 70176