This article is part 3 of our “Buying Land” series.
Rural 1st has the lending expertise and rural focus needed to offer land financing packages tailored to your specific needs. That’s why we’ve developed this helpful video series for people wanting to purchase their perfect piece of land.
Let’s talk about what you need to know during the application process.
So, you’ve identified your desired land with your Rural 1st loan officer and REALTOR®, know how much cash you’ll need and what kind of down payment you’d like. Now, you’re ready to apply for a land loan.
Just like any other loan application, you’ll share required documents with your loan officer through our customer portal. You’ll share your most recent income statements, tax returns, and asset verification. If you’ve already signed a purchase contract, we’ll need that too.
With land purchases, the title and appraisal phases may require additional documentation or information. This is where we will review the deed for restrictions or easements. We’ll need to ensure there is legal access to the land if it’s surrounded by other properties and understand if there are any mineral rights associated with the property. Land loans require a knowledgeable appraiser who is familiar with the area and comparable sales. A land survey may be required if there is an acreage discrepancy. We have great relationships with local experts to ensure the process runs smoothly.
Once we have obtained all the required documents and your loan is approved, we’re ready for closing. We’ll coordinate the closing with you, the sellers, and the title company of your choice. Your Rural 1st team will be there to support you throughout your journey.
Now that you understand the application phase, join us in the next video to learn what you need to know after your land loan closes. Or if you would like to get started, reach out to us today.
