Land Loans

You can use this loan to buy a residential lot where you intend to build your future residence or one that’s adjacent to your current residence. Your lot must meet the following requirements:

• Located in Alaska, Arizona, California, or Washington on a publicly maintained or community road in a predominantly residential area
• Up to 20 acres
• Includes access to water, sewer, and electric services*

^{*Exceptions may be available for water and sewer requirements. Contact a mortgage specialist for details.}

To qualify for this loan, your recreational property must be accessible in one of the following ways:

• By road from a major population center
• By water from a public launch site using small watercraft on a navigable waterway

Fly-in locations and properties that are located a long distance from the launch site or across unprotected water cannot be purchased with this loan.

In many cases, we can give you an answer in about a week. However, if we have to ask for additional paperwork to support your application, then your decision could take a little longer.

Depending on your loan, fees might include a loan processing fee, appraisal fee, or escrow closing fee. You may also need to purchase a title insurance policy, plat map, or as-built survey.

Hazard insurance and flood insurance may also be required if you are financing a structure in addition to land.

Your credit score affects the interest rate you qualify for when you apply for a loan or line of credit. With a higher credit score, you can usually qualify for a lower interest rate, which lowers your monthly payment and reduces the overall cost of borrowing.

If you’re not sure what your credit score is, you can request a free copy of your credit score every 12 months from https://www.freecreditreport.com/. If your credit score isn’t as high as you’d like it to be, here are some tips for improving your credit.