Financing Land and New Construction Homes
Buying land or constructing a new home offers exciting opportunities for customization and investment, but the mortgage process differs from traditional home loans. Lenders often have stricter requirements for land and new construction financing, so understanding your options, planning ahead, and working closely with a mortgage professional is essential. By knowing what to expect, you can navigate this process smoothly and secure the financing needed to bring your vision to life. Land Loans: What You Need to KnowPurchasing raw land typically requires a land loan, which differs from a standard mortgage. Lenders consider land riskier because it is not yet…