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 ONLY, no Refinance (Borrower must intend to Build)
- Maximum Loan Amount $100,000.00 (over $100,000.00 will be considered on a case by case basis).
- Loans of $100,000 or less are available up to a maximum of 85% LTV with minimum 740 credit score and up to a maximum 80% LTV with a minimum credit score of 700.
- Lot must be an Existing, Platted Suburban Subdivision (Water, Sewer, Power & less than 2 acres)
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.