What is a Residential Lot Loan?
Residential lot loans are designed to help you purchase the lot that you wish to build your dream home on. CresCom's lot loan requirements are as follows:
- Purchase (Borrower must intend to Build) and Rate/Term Refinance only (no cash-out)
- Lot must be an Existing, Platted Suburban Subdivision (Water, Sewer, Power & less than 2 years)
CresCom Bank offers 2 residential lot loan program options below:
- Interest only
- Amortizing options
Do not hesitate to email or call our Mortgage Team as we are here to listen and ready to find the perfect solution for you!
LTV means loan-to-value ratio. LTV's and Interest Rates/APR's may be higher for applicants with lower credit scores.