Frequently Asked Questions
What is the minimum qualifications required for a Land Line Lending loan?
We require a minimum loan value of $50,000, a minimum of 15+ acres, and a minimum of 25% down.
Is PMI and escrow included?
Great news! PMI is not required on land. The buyer is responsible for annual tax and insurance payments.
Can I add someone to my loan after closing or submitting the application?
Yes, but this will prompt additional information. If you add someone to the loan it will prompt a refinance of the loan. If you want to add someone as a co-owner of the property without being liable for the loan, it will be processed as a modification.
When is my interest rate locked?
The interest rate is locked when the loan is approved and the appraisal/title have been completed and are satisfactory for loan requirements.
What supplementary information is required for the application process?
-Application
-Full financial statement (personal & business if applicable)
-1-3 years of tax returns (personal & business if applicable)
-Financial account verifications
What is the benefit of getting pre-approved?
Many sellers request pre-approval at the time of offer. Getting pre-approved before beginning your land search can save you time when you find the perfect property. Additionally, the pre-approval process will help you to recognize any notable funding situations you may be unaware of. This can save you valuable time and money once a contract is in place!
What loan fees will I see during the lending process?
-Origination Fee
-Tax & Documentation Service Fee
-Appraisal Fee (loans under $500,000 are eligible for a valuation which leads to a faster turnaround & it’s less expensive)
-Any applicable Abstract or Title Fees
-Any closing fees associated with an attorney or title company