Home Site Land Loans

You’ll find that different lenders provide different options. Our regulations allow us to finance home sites and vacant land in the country, including plots of large acreage. We have several options, therefore we recommend you contact your local GreenStone office to discuss your desired plans with one of our experienced and knowledgeable financial services officers.

We recommend doing a site visit with your builder. Aside from elevation observations and excavation needs, their expertise will also help guide your next steps, such as completing a percolation test to determine septic options, or performing a water supply test if a well is needed.

Local zoning and ordinances may impact this answer. Talk to the township to understand your options. In addition, the property could impact the building options; for example, a flat parcel may prohibit a walk-out basement. Your builder will be able to provide you with the options when you identify a lot. When it comes to financing, GreenStone is able to finance most styles of homes. Coordinating with your township, builder, and lender will be important to ensure successful home design decisions.

With the help of your real estate professional and builder, you will need to determine your options for utilities at the property to ensure it’s conducive to your lifestyle. Things to consider are:

• What will it take to get electrical power to the property? Those costs can vary widely based on how far away from the lines your home will sit.
• What heat source do you want — natural gas, propane, electric, geothermal, or other system, and what will be required to install it?
• Whether you work from home or have gamers in the family, reliable internet is a must for most families. Call local providers to identify which serve your area and what you need to know to get service to your planned home.
• Where is the water table in the area and what depth of well will be needed if a public water system is not available?
• What type of septic system will be needed if a public system is not at the location?

Title work completed during the lending process will show if there are any prior liens. The township will also be able to help identify if there are access issues for the property. Your realtor should be able to provide additional information about any restrictions or land use rules.

The seller will be able to tell you how the land is zoned. In addition, a GreenStone financial services officer can pull up the tax ID to help you identify how that property is zoned.

When you apply for a loan at GreenStone, we will check flood zones to determine if the land is in a flood zone. If we find it’s in a flood zone, we’ll be able to move forward without flood insurance for a vacant land loan. When it’s time to build, you would want to speak with your builder to see if there is a better spot on the land to build on. Depending on the final decisions, we may require flood insurance as part of your financing agreement.

Many of our customers look for a home site with acreage on which to both live and hunt. You will want to contact the township to confirm any laws regarding hunting that impact the property. Additionally, you’ll need to identify whether the property is large enough to provide adequate distance from other houses and properties to ensure safety.

Starting with a prioritized plan and creating your list of questions up front will not only help you focus your search, but will help you be prepared to act when the time comes. Once you find a parcel of vacant land, consider visiting the property at several different times and days of the week to help understand the full experience – traffic patterns, noise, and nature could reveal other things to be aware of. Don’t forget to consider the property around you – those properties could be used one way today, but that could change in the future. Consider your property plan based only on factors you can control within the boundaries of your own land.