Vacant land, home site and recreational property loans have become especially popular over the last few years as families look for ways to get out and enjoy nature.
Summer is here. As you’re spending more time outdoors, you might be considering if now is the time to invest in a property to begin making memories on. Whether you’re interested in building your dream home on vacant land or owning recreational property, GreenStone can help you finance property that fits your budget and supports your plans for the future.
Which land loan is the best fit for me?
There are many things to consider when deciding what kind of land loan will fit your needs best. It’s important to understand the characteristics of each loan, beginning with the type of property being financed and your long-term goals.What’s a recreational land loan?
Recreational land with GreenStone is defined as more than five acres being used primarily for recreational purposes. A recreational land loan typically requires a 20% down payment, but in some cases it could be as low as 15%. GreenStone offers 30-year amortization terms for affordable payments. This land is usually used for hunting, fishing, hiking or ATV-riding, with no immediate plans for building at the time of purchase. If you have interest in building a home, pole barn or outbuilding later, GreenStone can provide do-it-yourself or contracted construction loans to fit your needs.How does a vacant land loan work?
Similar to recreational land, vacant land is often property that is greater than five acres. What’s the difference? This property is purchased with the intention of building a structure on it. The terms of vacant land loans are like recreational land loans as a typical down payment is 20%, with some cases allowing a 15% down payment.What defines a home site loan?
A home site property financed with GreenStone is commonly land that is less than 5 acres and does not have any structures on it. These loans are typically used by customers who plan to build a home or cabin on the land. Financing options vary for each individual and property type. However, the requirement is usually 20% down, with certain instances allowing you to put down as little as 15% down with a 30-year term.
Recreational Land FAQs
What are my down payment options?
As mentioned above, recreational vacant land mortgages typically require a 15-20% loan to value down payment. GreenStone has options for borrowers looking to secure their down payment, including:
• Providing 20% cash down.
• Other property or forms of collateral to meet some or all the down payment requirements.
How do I reamortize my loan?
Loan reamortization, referred to as an interest rate loan conversion, can be done quickly without the need to refinance throughout the life of the loan as equity is accumulated. A visit with a local GreenStone financial services officer can get the process started.
Can I finance vacant land for up to 30 years?
Yes, GreenStone is one of the few lenders who will write mortgages on land without the stipulation to build within a certain timeframe. Many of our customers use our land mortgages to purchase hunting land or recreational land.
Many people are taking advantage of GreenStone’s flexible financing to purchase property not just for today, but for a place they will keep in their family for generations to come. To learn more about home site loans, recreational land loans, country home mortgage loans and finding the best loan for your needs, visit a GreenStone branch near you.
