Land Loan Options
In Oregon, there are several options for financing land. Financial institutions offer land loans specifically for the purpose of eventually building an owner-occupied residence. These loans provide the flexibility to plan and build your dream home without any set time frame for construction.
Key Facts
- Land Loan Options: There are several options available for financing land in Oregon. Some financial institutions offer land loans specifically for the purpose of eventually building an owner-occupied residence. These loans provide the flexibility to plan and build your dream home without any set time frame for construction.
- Types of Land Financed: Land loans in Oregon can be used to purchase two types of properties: building lots and bare land. Building lots refer to land that is ready for construction, while bare land refers to undeveloped land without any improvements.
- Loan Features: Land loans typically offer the following features:
- Financing up to 80% of the value of the land.
- 15-year term.
- Local decisions and assistance with the loan process.
- Fixed interest rate, fully amortizing.
- Minimum down payment requirement of 20%.
- No pre-payment penalty for early payoff.
- Premier Membership Benefits: Some financial institutions offer benefits for premier members, such as a reduction in lender fees. These benefits may vary, so it’s best to consult with a Mortgage Loan Officer for further details on how to qualify for Premier Membership.
Types of Land Financed
Land loans in Oregon can be used to purchase two types of properties: building lots and bare land. Building lots refer to land that is ready for construction, while bare land refers to undeveloped land without any improvements.
Loan Features
Land loans typically offer the following features:
- Financing up to 80% of the value of the land
- 15-year term
- Local decisions and assistance with the loan process
- Fixed interest rate, fully amortizing
- Minimum down payment requirement of 20%
- No pre-payment penalty for early payoff
Premier Membership Benefits
Some financial institutions offer benefits for premier members, such as a reduction in lender fees. These benefits may vary, so it’s best to consult with a Mortgage Loan Officer for further details on how to qualify for Premier Membership.
Sources
- Oregon State Credit Union: Land Loan
- Big Law Investor: 5 Best Land and Lot Loans in Oregon
- New Era Homes: Land Loan Options in Oregon
FAQs
Can you finance land in Oregon?
Yes, there are several options for financing land in Oregon. Financial institutions offer land loans specifically for the purpose of eventually building an owner-occupied residence.
What types of land can be financed in Oregon?
Land loans in Oregon can be used to purchase two types of properties: building lots and bare land. Building lots refer to land that is ready for construction, while bare land refers to undeveloped land without any improvements.
What are the typical features of a land loan in Oregon?
Land loans in Oregon typically offer the following features:
- Financing up to 80% of the value of the land
- 15-year term
- Local decisions and assistance with the loan process
- Fixed interest rate, fully amortizing
- Minimum down payment requirement of 20%
- No pre-payment penalty for early payoff
Are there any benefits to being a premier member when financing land in Oregon?
Some financial institutions offer benefits for premier members, such as a reduction in lender fees. These benefits may vary, so it’s best to consult with a Mortgage Loan Officer for further details on how to qualify for Premier Membership.